General Company for Land Reclamation turns to loss in 2023

Updated 1/28/2024 10:06:00 AM
General Company for Land Reclamation turns to loss in 2023

Arab Finance: The General Company for Land Reclamation, Development, and Reconstruction (AALR) recorded EGP 20.596 million in net losses after tax during 2023, compared to net profits of EGP 3.021 million in 2022, according to financial indicators filed to the Egyptian Exchange (EGX) on January 28th.

Meanwhile, revenues saw a 21.4% yearly drop to EGP 40.915 million from EGP 52.063 million in 2022.

General Company for Land Reclamation is an Egypt-based company engaged in the real estate development sector. The company focuses on the reclamation and farming desert and port lands for third parties or the sale of them to investors.

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