ALICO incurs losses in Q1

Updated 6/2/2022 8:15:00 AM

ArabFinanceArab Real Estate Investment Company (ALICO) (RREI) has turned to losses in the first quarter (Q1) of 2022, according to financial statements filed to the Egyptian Exchange (EGX) on May 31st.

The company has incurred a net loss of EGP 1.041 million in Q1 2022, versus a net profit of EGP 1.148 million in Q1 2021.

Sales grew to EGP 11.882 million in Q1 2022 from EGP 9.515 million in Q1 2021.

Founded in 1991, ALICO offers real estate brokerage services; engineering, procurement, and construction for residential and heavy projects.