ERC swings to loss in H1 2021

Updated 8/23/2021 4:00:00 PM

ArabFinanceEgyptian Resorts Company (ERC) incurred a consolidated net loss before minority interest of EGP 12,737,955 in half one (H1) 2021, according to the company’s financial statements filed to the Egyptian Exchange.

In H1 2020, the company achieved a net profit of EGP 25.309 million.

Standalone net loss reached EGP 17.855 million in H1 2021, against a net profit of EGP 21,571 million posted in H1 2020.

ERC said on July 12th that it did not receive any official resolutions regarding taking away the company lands by the government.

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.