EGYPTIAN FOR TOURISM RESORTS
EGTS
Financial ResultsNegative News
Egyptian Resorts Plummets into Deeper Losses Despite Revenue Surge in Q1 2024
Egyptian Resorts faces steep losses in Q1 2024 despite revenue growth, raising concerns over financial stability.
August 8, 2024 at 11:09:00 AMScore: 90
Cairo-based Egyptian Resorts Company witnessed a dramatic financial downturn in Q1 2024, reporting consolidated net losses of EGP 616.25 million—nearly 17x higher than the EGP 37.09 million loss in Q1 2023. Despite a staggering 895% YoY revenue jump to EGP 334.6 million, the company’s losses per share skyrocketed to EGP 0.50 (from EGP 0.10). Total assets grew modestly to EGP 3.22 billion, but standalone results worsened: losses hit EGP 191.3 million versus EGP 102.74 million profit in Q1 2023. Non-consolidated revenues surged to EGP 294.09 million, yet loss per share ballooned to EGP 0.18 from earnings of EGP 0.10 previously.
Recommended Actions
- Consider reducing exposure to EGTS stock
- Monitor cash flow sustainability metrics
- Avoid averaging down positions without clear turnaround plan
- Review debt-to-equity ratio in next quarterly report
- Consult financial advisor for risk assessment
Positive Aspects
- 895% revenue growth to EGP 334.6 million
- Total assets increased by EGP 280 million
Negative Aspects
- 17x YoY surge in consolidated net losses
- Shift from EGP 102.74 million profit to EGP 191.3 million standalone loss
- Loss per share quintupled to EGP 0.50
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