Mubasher: Naeem Holding for Investment saw accumulated losses of $55.704 million by the end of the second quarter (Q2) of 2020, accounting for 21.1% of the capital.
The losses are accumulated due to the coronavirus (COVID-19) impact on the capital markets and low liquidity in equity markets, which led to lower revenues, the company disclosed to the Dubai Financial Market (DFM) on Thursday.
In addition, the change in accounting strategy, floatation of the Egyptian pound which affected loans and investments in foreign currency, and the general fluctuations in the financial investment field have led to the accumulated losses.
To address the losses, the company has restructured some subsidiaries and investments, rescheduled debts, and invested outside Egypt.
It is noteworthy to mention that in the first half (Q2) of 2020, the company saw consolidated net losses of $1.68 million, compared to net losses of $236,958 in the same period of 2019.