REMCO FOR TOURISTIC VILLAGES CONSTRUCTION
RTVC
Real estateNegative News
Remco's 2023 Losses Soar to EGP 1.5 Billion Amid Revenue Decline
Remco reports a significant increase in net losses and revenue decline in 2023, raising concerns for investors.
April 29, 2024 at 3:01:00 PMScore: 85
Remco for Tourism Villages Construction reported staggering non-consolidated net losses of EGP 1.55 billion in 2023, a sharp increase from EGP 210.6 million in 2022. Loss per share surged to EGP 6.31, up from EGP 0.85 the previous year. Revenues fell to EGP 150 million by December 31, 2023, down from EGP 156.02 million in 2022. Total assets grew year-on-year to EGP 8.16 billion from EGP 6.99 billion. For the nine-month period ending September 30, 2023, standalone net losses after tax skyrocketed to EGP 969.14 million, compared to EGP 47.14 million in the same period of 2022.
Recommended Actions
- Consider reducing exposure to Remco stock
- Avoid initiating new long positions
- Monitor management's turnaround plans
- Consult financial advisor for portfolio rebalancing
- Review risk tolerance for volatile equities
Positive Aspects
- 8% YoY growth in total assets
Negative Aspects
- 736% annual rise in net losses
- Worsening loss per share (EGP 6.31 vs. EGP 0.85)
- Revenue contraction in 2023
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