Remco incurs EGP 118m consolidated losses in 9M-22; turns profitable in Q3-22

Remco for Tourism Villages Construction suffered consolidated net losses after tax worth EGP 117.70 million in the first nine months (9M) of 2022, versus EGP 334.48 million in 9M-21, including minority interest.

The loss per share settled at EGP 0.48 in 9M-22, an annual plunge from EGP 1.36, according to the consolidated financial results.

Total assets increased to EGP 8.27 billion in January-September 2022, versus EGP 8.17 billion in 9M-21.

Income Statements for Q3-22

During the third quarter (Q3) of 2022, Remco turned profitable at EGP 70.09 million, against net losses after tax worth EGP 68.71 million in Q3-21, including non-controlling interest.

The earnings per share (EPS) reached EGP 0.28 in Q3-22, compared to a loss per share of the same value in the July-September 2021 period.