Investor Presentaiton
ERC: Q3/9M 2016 Developments & Overview
Slowdown in Revenues
In FY2016, the company recorded
revenues of EGP 208 million, down
48% y-o-y. The decline in top-line is
owing to a slowdown in land sales
during the year, with the company's
realized revenues from the sale of
phase one and phase two land plots
standing at EGP 155 million in FY 2016
versus EGP 368 million in FY 2015,
down 57.9% y-o-y.
Cash Collections
Inflows from sub-developers and retail
buyers stood at EGP 84 million in FY
2016, down 49.1% y-o-y, owing to the
overall slowdown in the tourism
sector.
from
Meanwhile, cash receipts
community management and services
were also affected by the slowdown,
recording EGP 28.6 million in FY 2016,
a 32.2% y-o-y decline compared to FY
2015 figure of EGP 42.2 million.
Cash Position
The company's balance sheet
remained liquid as at year-end 2016,
with a cash balance of EGP 131.2
million
Sawari Marina
ERC continues to push forward with
efforts to obtain all necessary licenses
from governmental entities to launch
its mega-project, Sawari, in 2017. Last
year, the company had cleared the
final obstacle on the course to
launching the Sawari marina project,
after receiving approval from the
Tourism Development Authority (TDA)
to redefine the boundaries of Sahl
Hasheesh's Phase 2 to include the
entirety of Sawari's 1.1 million square
meter initial phase
TAWAYA
At Sahl Hasheesh's Old Town development, the
company continues to market its exclusive Tawaya
apartments developed in cooperation with Palm Hills.
As at year-end, almost 30% of the project has been
sold and an additional 30% is reserved.
Jamaran
The company's Jamaran development sold out
towards the end of 2014 and has set ERC on course to
realize c. EGP 100 mn in revenues over the coming
two-three years.
EGX 30
ERC is on The Egyptian Exchange's most famous and
followed index, the EGX 30, awarding the company
greater exposure to local, regional, and international
investors, on both the retail and institutional levels.
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Investor Presentation FY 2016 ERC
Egyptian Resorts CompanyView entire presentation