ArabFinance: Arab Company for Land Reclamation (Arclam) (EALR) has turned to losses during the first half (H1) of fiscal year (FY) 2021/2022, according to the company’s unaudited financial income statement filed to the Egyptian Exchange (EGX).

The company has incurred a net loss after tax of EGP 1.65 million in H1 FY 2021/2022, versus a net profit of EGP 633,458 in H1 FY 2020/2021.

Moreover, the company has generated a revenue of EGP 61.89 million in the July-December period of 2021, compared to a revenue of EGP 29.30 million in the same period of 2020.

It is worth noting that Arclam recorded a net profit after tax of EGP 1.26 million in FY 2020/2021, compared to a profit of EGP 760,531 in FY 2019/2020.

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.