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Al Ramz turns to losses in 2020

Al Ramz turns to losses in 2020
The company's revenues rose to AED 62.8m in 2020

Dubai – Mubasher: Al Ramz Corporation Investment and Development has recorded net losses of AED 10.87 million in 2020, against net profits of AED 4.075 million in 2019.

The company's revenues rose to AED 62.8 million last year, compared to AED 62.3 million in 2019, according to the company's consolidated financial results for 2020.

The basic and diluted loss per share settled at AED 0.020 in 2020, versus the earnings per share (EPS) of AED 0.007 during the earlier year.

The Chairman of Al Ramz, Dhafer Sahmi Al Ahbabi, said: "2020 was an unprecedented year and yet we were able to preserve our revenues despite the turmoil in addition to improving quality of earning that is driven by diversification of revenue sources, however, investment losses affected our performance which has resulted in a net loss of AED 10.9 million."