ArabFinance: Marsa Marsa Alam for Tourism Development (MMAT) reported a 44% Year on Year decline in its net loss in the first nine months of 2020, according to the company’s financial statements filed to the Egyptian Exchange.

Net loss stood at EGP 1,091,810 in the January-September period of 2020, compared to EGP 1,945,172 incurred in the prior-year period.

In 2019, the company incurred a net loss of EGP 1,915,261, compared to 2,835,218 incurred a year ago.

Marsa Marsa Alam, formerly Marsa Alam for Touristic Development (MATD), a member of Kharafi Group, is an Egypt-based company that is engaged in the development and construction of different touristic communities and villages.