Cairo – Mubasher: El Arabia for Land Reclamation plans to achieve net profits after tax worth EGP 2.32 million in fiscal year (FY) 2022/2023.
The board of the company expected total revenues of EGP 219.25 million in FY22/23, according to a bourse disclosure on Thursday.
The company earlier projected a net profit of EGP 1.95 million in the current FY, which ends on 30 June 2022. This would be compared to EGP 1.26 million that were registered in FY20/21.
During the July-December 2021 period, El Arabia recorded net losses of EGP 1.65 million, compared to net profits worth nearly EGP 633,460 in the corresponding six months a year earlier.
In the first half (H1) of FY21/22, the revenues soared to EGP 61.89 million from EGP 29.30 million in H1-FY20/21.
