Arab for Asset Management turns to loss

Updated 8/17/2020 10:57:00 AM

ArabFinance: Arab Company for Asset Management and Development (ACAMD) incurred a consolidated net loss of EGP 3,408,630 in the first half (H1) of 2020, according to the company’s August 16th financial statements filed to the Egyptian Exchange.

In H1 of 2019, the company posted a net profit of EGP 8,376,559. 

In mid-June, the company's board of directors approved selling its second 4,148-square-meter land plot in Beheira for EGP 26,962,000

The purchaser paid a downpayment of EGP 3 million or EGP 6,500 per square meter.

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