General Company for Land Reclamation’s loss widens 113.7% YoY in FY 2021/22
Updated 10/11/2022 10:35:00 AM
ArabFinance: General Company for Land Reclamation, Development, and Reconstruction (AALR) posted a 113.72% year-on-year (YoY) hike in net losses after tax during the fiscal year (FY) 2021/2022, according to financial indicators filed to the Egyptian Exchange (EGX) on Tuesday.
The company’s net losses after tax surged to EGP 56.793 million in FY 2021/2022 from EGP 26.573 million a year earlier.
Revenues declined to EGP 45.109 million in the fiscal year that ended on June 30th from EGP 113.877 million the year before.
General Company for Land Reclamation is an Egypt-based company engaged in the real estate development sector. The company focuses on the reclamation and farming desert and port lands for third parties or the sale of them to investors.
