REMCO FOR TOURISTIC VILLAGES CONSTRUCTION
RTVC
Financial ResultsNegative News
Remco Plummets into Massive Losses: EGP 883M Deficit in First Half of 2024
Remco reports staggering EGP 883M consolidated losses in H1-24, reversing from prior profits as revenues surge but per-share losses deepen.
October 16, 2024 at 9:04:00 AMScore: 85
Cairo-based Remco for Tourism Villages Construction reported staggering consolidated net losses of EGP 883.29 million in the first half of 2024, a dramatic reversal from EGP 144.33 million in profits during the same period last year. Despite a revenue surge to EGP 568.28 million (up from EGP 1.30 million in H1-23), losses per share ballooned to EGP 0.39, contrasting sharply with EGP 0.58 earnings per share in 2023. Total assets inched up to EGP 9.84 billion by June 2024, but standalone losses after tax skyrocketed to EGP 814.96 million, with per-share losses widening to EGP 3.30. The company also swung to a EGP 26.44 million consolidated loss in Q1-24, down from EGP 214.76 million profits in Q1-23.
Recommended Actions
- Consider selling shares amid deteriorating fundamentals
- Avoid new investments until financial stability improves
- Monitor debt levels and cost management
- Compare performance against industry peers
- Watch for management's turnaround strategies
Positive Aspects
- Revenue growth to EGP 568.28M
- Total assets increased to EGP 9.84B
Negative Aspects
- Consolidated losses exceeding EGP 883M
- Loss per share worsened to EGP 0.39
- Standalone losses surged to EGP 814.96M
- Q1-24 profit reversal to EGP 26.44M loss
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