Cairo – Mubasher: Naeem Holding for Investment, listed on the Egyptian Exchange (EGX) and the Dubai Financial Market (DFM), announced that its accumulated losses amounted to $55.51 million, representing 20.99% of its capital which stands at $264 million.

The impact of the coronavirus (COVID-19) pandemic, low liquidity in equity markets, the change in accounting standards, and the floatation of the Egyptian pound, as well as general fluctuations in financial investment sectors led to the accumulation of losses, the company said in a statement to the DFM on Sunday.

The company is looking to address its accumulated losses through restructuring some subsidiaries and investments, rescheduling debts, cutting interest expenses, investing in new sectors, and expanding investments outside Egypt.

It is noteworthy to mention that in the first quarter of 2020, the dual-listed firm turned to net loss of $1.50 million, against net profits of $1.32 million in the year-ago period.