REMCO FOR TOURISTIC VILLAGES CONSTRUCTION
RTVC
Financial ResultsNegative News
Remco's 2023 Losses Surge to EGP 1.8 Billion Amid Revenue Growth
Remco reports a significant rise in 2023 losses to EGP 1.8 billion despite higher revenues and asset growth.
May 22, 2024 at 10:41:00 AMScore: 75
Remco for Tourism Villages Construction reported a dramatic increase in consolidated net losses after tax, reaching EGP 1.83 billion in 2023, up from EGP 283.53 million in 2022. Despite a revenue jump to EGP 744.26 million (from EGP 223.93 million), losses per share soared to EGP 7.43 compared to EGP 1.15 in the previous year. Total assets grew annually to EGP 9.73 billion as of December 31, 2023. Standalone net losses also worsened, hitting EGP 1.55 billion in 2023 versus EGP 210.60 million in 2022.
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Positive Aspects
- 326% revenue growth YoY
- 12.5% annual increase in total assets
Negative Aspects
- 733% YoY surge in consolidated losses
- Quadrupled loss per share (EGP 7.43 vs. EGP 1.15)
- Standalone losses increased by 636%
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