El Wadi reports lower profit
Updated 9/15/2020 1:19:00 PM
ArabFinance: El Wadi for International and Investment Development (ELWA) reported a 39% Year on Year decline in its net profit in the first half (H1) of 2020, according to the company’s September 15th financial statements filed to the Egyptian Exchange.
Net profit stood at EGP 27,276,315 in H1 2020, compared to EGP 44,840,641 achieved in H1 2019.
El Wadi will sell 163,879 of its treasury stocks at the market price.
On March 19th, El Wadi's board of directors decided to purchase the stocks to support its share price amid the coronavirus pandemic.
El Wadi, formerly El Wadi Company for Touristic Investment, is an Egypt-based company engaged in the tourism investment sector. The company focuses on the establishment and operation of hotels, motels, hotel apartments, gymnasiums, and sauna facilities.
