REMCO FOR TOURISTIC VILLAGES CONSTRUCTION
RTVC
Financial ResultsNegative News
Remco Plunges into Q1-24 Losses Amid Sales Surge
Remco reports significant Q1-24 net loss despite soaring sales, reversing previous year's profit.
September 30, 2024 at 1:14:00 PMScore: 90
Remco for Tourism Villages Construction reported consolidated net losses of EGP 26.44 million in Q1-24, a stark reversal from EGP 214.76 million in profits during Q1-23. Despite a dramatic jump in net sales to EGP 164.78 million (from EGP 208,000 YoY), loss per share reached EGP 0.11 as of 31 March 2024, down from EPS of EGP 0.87 in 2023. Standalone losses narrowed to EGP 18.12 million in Q1-24 (vs. EGP 43.36 million YoY), while full-year 2023 consolidated losses ballooned to EGP 1.83 billion, up from EGP 283.53 million in 2022.
Recommended Actions
- Exercise caution with current holdings
- Monitor Q2-24 performance for recovery signs
- Consider holding pattern until financial stability improves
- Review company's debt restructuring plans
- Consult financial advisor for portfolio rebalancing
Positive Aspects
- Net sales skyrocketed to EGP 164.78 million (+79,000% YoY)
- Standalone losses reduced by 58% YoY in Q1-24
Negative Aspects
- Q1-24 consolidated net loss of EGP 26.44 million vs. EGP 214.76 million profit in Q1-23
- Full-year 2023 losses surged to EGP 1.83 billion (646% YoY increase)
- EPS decline from EGP 0.87 to negative EGP 0.11
Recent News
January 22, 2024 at 12:37:00 PMGiza Contracting Secures EGP 539 Million Mega-Contract for New Aswan City Development
July 3, 2024 at 10:22:00 AMLink Holdco Trims Fawry Stake Amid Block Trade Surge
March 10, 2024 at 12:07:00 PMRaya Holding Soars to EGP 564M Profit in 2023 Amid Revenue Surge
May 29, 2024 at 10:36:00 AMRaya Holding Soars with 131% Profit Surge in Q1-24 Amid Standalone Losses
GGCC
GIZA GENERAL CONTRACTINGEgyptian construction giant lands major infrastructure deal while navigating revenue challenges in 2023 financials
FWRY
FAWRY FOR BANKING TECHNOLOGY AND ELECTRONIC PAYMENTLink Holdco reduces Fawry stake to 4.99% following a EGP 1.02B block trade; Q1 profit surges 135% YoY.
RAYA
RAYA HOLDING FOR FINANCIAL INVESTMENTSRaya Holding reports a 34% profit surge to EGP 564M in 2023, driven by revenue growth, but standalone losses widen.
RAYA
RAYA HOLDING FOR FINANCIAL INVESTMENTSRaya Holding reports soaring Q1-24 consolidated profits but faces standalone losses as revenues and assets grow.
