Egyptian Resorts swings to profit

In the January-September period of 2019, the company incurred a net loss

ArabFinance: Egyptian Resorts Company (ERC) posted a consolidated net profit of EGP 22,124,186 in the first nine months of 2020, according to the company’s November 16thfinancial statements filed to the Egyptian Exchange.

In the January-September period of 2019, the company incurred a net loss of EGP 24,509,537.

Standalone net profit reached EGP 8,022,540 in the January-September period of 2020, against a net loss of EGP 57,137,527 in the prior-year period.

The listed company's board earlier approved re-studying the establishment of 321 residential units due to the pandemic impact on the tourism sector.

ERC is an Egypt-based company that operates in the tourism and hospitality sectors. The company is engaged in the construction and management of integrated touristic and residential projects in Sahl Hasheesh, Red Sea Governorate.

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