Egypt: General Company for Land Reclamation becomes profitable in six months

Revenues surged 308.5%

Staff Writer, Arab Finance

February 1, 2023

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Egypt - General Company for Land Reclamation, Development, and Reconstruction (AALR) achieved net profits after tax of EGP 3.02 million in the first half (H1) of fiscal year (FY) 2022/2023, versus net losses of EGP 31.62 million in the FY-ago period, according to financial indicators filed to the Egyptian Exchange (EGX) on January 31st.

Revenues surged 308.5% to EGP 52.06 million in the July-December period of FY 2022/2023, up from EGP 12.75 million in the same period a year earlier.

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.

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