Egyptian Resorts turns to profit

In H1 2019, the company incurred a net loss

ArabFinance: Egyptian Resorts Company (ERC) posted a consolidated net profit of EGP 25,308,761 in the first half (H1) of 2020, according to the company’s September 28thfinancial statements filed to the Egyptian Exchange.

In H1 2019, the company incurred a net loss of EGP 19,721,013.

Standalone net profit reached EGP 21,570,852 in H1 2020, against a net loss of EGP 44,341,709 in H1 2019.

The listed company's board earlier approved re-studying the establishment of 321 residential units over 44,354 square meters 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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