Arab for Asset Management’s losses widen 197% YoY in Q1 2024

Updated 5/30/2024 2:55:00 AM
Arab for Asset Management’s losses widen 197% YoY in Q1 2024

Arab Finance: Arab Company for Asset Management and Development (ACAMD) saw a 197.2% year-on-year (YoY) surge in its net losses after tax in the first quarter (Q1) of 2024, according to the company’s financial indicators.

The company incurred net losses after tax of EGP 3.646 million in Q1 2024, compared to EGP 1.227 million in Q1 2022.

Revenues fell to EGP 348,880 in the three-month period ended March 31st from EGP 431,897 in the same period last year.

Arab for Asset Management is an EGX-listed company operating in commercial banking services including deposits, loans, and credit cards, in addition to asset management services including fund management.

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