ArabFinance: Naeem Holding for Investment (NAHO) reported a 609% Year on Year increase in its consolidated net loss in the first half (H1) of 2020, according to the company’s August 12th financial statements filed to the Egyptian Exchange.

Consolidated net loss stood at $1,680,495 (EGP 26,769,949) in H1 of 2020, compared to $236,958 (EGP 3,774,693) incurred in H1 2019.

Standalone net loss reached $1,239,383 (EGP 19,743,123) in H1 of 2020, against a profit of $78,242 (EGP 1,246,379) in H1 of 2019.

In 2019, the company incurred net loss of $3,696,998 (EGP 58,892,438), compared to posting profit of $294,425 (EGP 4,690,131) in the same period a year ago. 

It attributed the losses to the exchange rate impact on the investments and loans of the company. 

At the press time, the conversion rate is $1= EGP15.93