ArabFinance:  General Company for Land Reclamation (AALR) announced its budget for the fiscal year (FY) 2020/2021, targeting net profits of EGP 2.050 million.

The company is targeting a net profit of EGP 5.259 million for the current FY 2019/2020. 

AALR had incurred net losses worth EGP 29.51 million during FY 2018/2019. The losses were attributed to an unforeseen increase in expenses, according to a previous statement to EGX.

Despite talks of operations suspension, the extraordinary general assembly on October 19th decided to continue operations out of a belief in the company's potential to cover its losses.

Launched in 1959 and listed in 1996, AALR is a public company operating in the food and beverage sector with a focus on agriculture products.

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