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Arab for Asset Management swings to loss

Arab for Asset Management swings to loss

ArabFinance: Arab Company for Asset Management and Development (ACAMD) incurred a net profit of EGP 6.084 million in 2020, according to the company statement filed to the Egyptian Exchange.

In 2019, the company posted a net profit of EGP 46.688 million.

Earlier, the company gave the green light for splitting the stock value to EGP 0.1 instead of EGP 0.5.

The listed firm announced in October 2020 that it would consider a stock split.

It’s worth mentioning that the financial regulatory authority decided not to count the evaluation report of ACAMD’s assets because it violates Egyptian valuation standards.

Arab Company provides commercial banking services including deposits, loans, and credit cards, in addition to asset management services including fund management. 

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04 Oct 2021
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