Arclam sees net profit increase
Updated 2/10/2021 10:46:58 AM
ArabFinance: Arab Company for Land Reclamation (Arclam) (EALR) logged EGP 633,458 net profit in 2020, compared to EGP 73,456 in 2019, according to the company’s statement to the Egyptian Exchange on February 10th.
Earlier, the company announced targeting an investment budget worth EGP 4 million for its plan for financing maintenance, and replacement and renewal operations.
The listed company is targeting a net profit of EGP 1.06 million for the fiscal year (FY) 2020/2021, and EGP 101.62 million in revenues.
The company suffered a net loss of EGP 2.92 million during the FY ended September 30th 2020, against a net profit of EGP 53,257 a year earlier.
Arclam is active in land reclamation and division; real estate purchase, sale, and development; housing development and management of coastal, inland, and agricultural properties, and general contracting in the coastal and desert areas.
