ArabFInance: Remco for Tourism Villages Construction (RTVC) has reported an increase in losses for the full year ended December 31st 2021, according to the company’s financial statements filed to the Egyptian Exchange (EGX).

The company has incurred a consolidated net loss excluding minority interest of EGP 454.58 million in 2021, up from EGP 443.69 million in 2020.

Meanwhile, the company’s standalone net loss after tax soared to EGP 358.76 million in 2021 from EGP 99.70 million in 2020.

Remco is an Egypt-based company that operates in tourism and entertainment projects development and construction.

The company acquires plots of land, designs the development, sells individual units, and retains ownership of public areas such as hotels, landscaped areas, housing complexes, beaches, and water and sewage treatment plants.