El Wadi registers 40% profit decline
Updated 12/9/2020 1:19:45 PM
ArabFinance: El Wadi for International and Investment Development reported a 40% Year on Year decline in its net profit in the first nine months of 2020, according to the company’s December 9th financial statements filed to the Egyptian Exchange.
Net profit stood at EGP 27,581,582 in the January-September 2020, compared to EGP 45,999,930 achieved in the prior-year period.
Earlier, El Wadi approved selling 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.
