The Egyptian Resorts Co achieved a profit in the first half (H1) of 2015, reporting net profits of EGP 167.5m ($21.4m) compared to EGP 21.3m ($2.7m) in losses in H1 of 2014.
However, over the first quarter (Q1) of 2015, the company’s net profits reached EGP 3.2m, marking a 73.4% decline compared to the same quarter of last year.
The Egypt Resorts Co’s H1 revenues have significantly increased, reaching EGP 295.7m compared to EGP 35.7m in the comparable period of 2014.
In late June, the Egypt Resorts Co announced, in a statement to Egypt’s stock market, that it has signed a contract with Alkaram Corporate for Solar Energy. The agreement will see the establishment of a solar energy power plant, with investments worth $2.5m.
The plant will be constructed in Sahel Hasheesh resort, with a capacity of at least 2 MW and is expected to be launched and in operation by H2 of 2016.
The company will lease a land parcel of 50 sqkm inside Sahl Hasheesh resort to Alkaram for 27 years, for Alkaram to build and operate the solar power plant in exchange for 2% of the revenues.
In June, the Egypt Resorts Co also announced that its Board of Directors has agreed to sign new contracts for land parcels in Sahel Hasheesh resort at a cost of $48.7m. The company added that the total value of contracts amounts to approximately $79.4m, and they are expected to register profits over 2015.
The Egypt Resorts Co capital has reached EGP 1.1bn, distributed over 1.1m shares, with a nominal value of EGP 1 per share.