Earnings watch: Egyptian Resorts Company

EARNINGS WATCH- Egyptian Resorts Company (ERC) reported a consolidatednet profit (pdf) of EGP 61 mn in 1H2017, up from a net loss of EGP 37 mn in 1H2016. Net revenues in 1H2017 were EGP 150 mn, up from EGP 16 mn in the same period last year on the back of land sales. “[ERC] capitalized on ramped up marketing efforts and increased visibility during the months leading to summer,” the company said. “Revenue growth for [the] six-month period was also driven by higher proceeds from services rendered and utilities as the warmer weather attracted Sahl Hasheesh’s seasonal inhabitants and holiday-goers.” The company plans to expand its offerings across the real estate value chain and diversify its product offering in the coming period.