Arab for Asset Management cuts losses by 4.3% YoY in Q1

Updated 5/31/2022 3:28:00 PM

Arab Finance: Arab Company for Asset Management and Development (ACAMD) has reduced its net loss after tax in the first quarter (Q1) of 2022 by 4.3% year-on-year (YoY), according to the company’s financial statement filed to the Egyptian Exchange (EGX) on May 31st.

The company suffered a net loss after tax of EGP 1.77 million in Q1 2022, versus a loss of EGP 1.85 million in Q1 2021.

Net revenues rose to EGP 259,725 in the three-month period ended March 31st from EGP 225,848 in the same period last year.

Arab for Asset Management is an EGX-listed company operating in commercial banking services including deposits, loans, and credit cards, in addition to asset management services including fund management.