Cairo - Mubasher: Northern Upper Egypt Development and Agricultural Production Company's (NUDAP) losses surged 840% in 2016.

The company suffered a net loss of EGP 3.76 million in the twelve-month period of 2016 compared to EGP 400,000 in the year-ago period.

Accumulated revenues increased to EGP 37.6 million in 2016 from EGP 33.3 million in 2015, according to a bourse filing on Sunday.

NUDAP’s net standout losses hiked 73.2% to EGP 2.65 million in 2016, from EGP 1.53 million in 2015.

The firm's standalone revenues grew 52.5% to EGP 14.5 million last year from EGP 9.51 million in the year before.

NUDAP noted that its financial statements were not affected by the flotation of the Egyptian pound.