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Naeem Holding's loss down 79.5% in 2020 initial results

Naeem Holding's loss down 79.5% in 2020 initial results
Revenues jumped to $13.97 million last year
Naeem Holding
NAHO
3.10% 0.13 0.00

Cairo – Mubasher: Naeem Holding for Investment suffered net losses of $1.38 million in 2020, down by 79.5% year-on-year (YoY) from $6.77 million, the unaudited financial results showed. 

The company’s revenues jumped to $13.97 million last year, compared to $3.56 million in 2019, according to a statement to the Egyptian Exchange (EGX) on Sunday.

The growth in revenues was driven by higher income from real estate investment and financial services, leading to a 40% YoY leap in operating profit.

During the first nine months of 2020, Naeem Holding achieved net profits of $652,353, versus $2.4 million net losses in the same period of 2019.