Egypt - Naeem Holding for Investment incurred accumulated losses valued at $60.01 million at the end of the fourth quarter (Q4) of 2023, according to a bourse disclosure.

The registered losses, which account for 27.73% of the paid-up capital, are attributed to the high volatility in the EGP exchange rates, distribution in the financial sector due to COVID-19 and the Russian-Ukrainian war, among others.

In 2023, Naeem Holding recorded an annual plunge in net profit after tax to $342,857 when compared to $2.41 million.

Total revenues plummeted to $10.01 million last year from $13.32 million in 2022.

The company, listed on EGX as well, posted total assets amounting to $233.40 million as of 31 December 2023, down year-on-year (YoY) from $253.49 million.

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