Egypt's Arab Company for Land Reclamation turns to loss
The company's extraordinary general meeting approved extending the company’s lifetime for 25 years
By Staff Writer, Arab Finance
Egypt - Arab Company for Land Reclamation (EALR) incurred a net loss of EGP 3,807,818 in the first nine months of 2019/2020, according to the company’s May 20th financial statements filed to the Egyptian Exchange.
It is worth mentioning that the company posted a net profit of EGP 251,160 in ended March 31st.
On May 9th, the company's extraordinary general meeting approved extending the company’s lifetime for 25 years starting July 3rd until July 2nd 2045.
Arab for Land Reclamation is an Egypt-based public shareholding company that operates in the engineering and construction sectors. The company is active in land reclamation and division; real estate purchase, sale, and development; housing development and management of coastal, inland and agricultural properties, and general contracting in the coastal and desert areas.
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