Cairo – Mubasher: Arab Co. for Asset Management and Development turned to net losses of EGP 6.08 million in 2020, against net profits of EGP 46.68 million a year earlier, the unaudited financial results showed.
Revenues plunged to EGP 815,315 last year from EGP 52.07 million in 2019, the company said in a bourse disclosure on Tuesday.
The negative turn in the company’s financials was ascribed to the non-completion of payments of the sold land plots.
During the first nine months of 2020, the company incurred net losses of EGP 4.63 million, versus net profits of EGP 47.11 million in the same period a year earlier.
