El Shams Pyramids’ losses shrink 94% YoY in 2022: Egypt

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The company’s revenue losses fell 36% in 2022 to $544,571 last year, versus $851,208 a year earlier

Staff Writer, Arab Finance

March 22, 2023

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El Shams Pyramids for Hotels and Touristic Projects cut its net losses after tax by 93.8% year on year (YoY) to $262,955 in 2022, compared to $4.24 million, the firm’s financial statement revealed on March 21st.

The company’s revenue losses fell 36% in 2022 to $544,571 last year, versus $851,208 a year earlier.

On the other hand, the company’s ordinary general meeting (OGM) has approved sealing a loan contract with the National Bank of Egypt (NBE) for a mortgage and commercial mortgage to finance the Le Méridien Pyramids Hotel and Spa project.

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