Arab Finance: El Wadi for International and Investment Development (ELWA) turned to losses during the first quarter (Q1) of 2022, according to financial indicators filed to the Egyptian Exchange (EGX) on July 28th.
El Wadi posted a net loss after tax of EGP 1.171 million in Q1 2022, compared to a net profit of EGP 10.036 million in the same quarter a year earlier.
Revenue plummeted to EGP 2.662 million in the three-month period ended March 31st from EGP 12.242 million in Q1 2021.
El Wadi is an Egypt-based company engaged in the tourism investment sector. The company focuses on the establishment and operation of hotels, motels, hotel apartments, gymnasiums, and sauna facilities.