Egypt’s Remco consolidated losses fall 49% YoY in 2022

Egypt’s Remco for Tourism Villages Construction’s (RTVC) integrated net losses after tax fell by 49 percent year on year (YoY) in 2022, according to a statement on Tuesday.

The net losses were 231.956 million Egyptian pounds in 2022, going down from 455.168 million pounds the year before.

The company said earlier that it witnessed a 69 percent YoY drop in its standalone net losses after tax during the first quarter (Q1) of 2023, sustaining 15.907 million pounds, down from 51.166 million pounds.

Remco is an Egypt-based company operating in the construction and development of tourism and entertainment projects.