ArabFInance: Remco for Tourism Villages Construction (RTVC) reported an 81.22% year-on-year (YoY) drop in net loss for the first quarter (Q1) of 2022, according to the company’s standalone financial statement filed to the Egyptian Exchange (EGX) on May 8th.

The company incurred a net loss of EGP 51.16 million in Q1 2022, versus a loss of EGP 272.59 million in Q1 2021.

In 2021, the company’s standalone net loss after tax soared to EGP 358.76 million from EGP 99.70 million in 2020.

Remco is an Egypt-based company that operates in tourism and entertainment projects development and construction.

The company acquires plots of land, designs the development, sells individual units, and retains ownership of public areas such as hotels, landscaped areas, housing complexes, beaches, and water and sewage treatment plants.

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