Sharm Dreams Company for Touristic Investment achieved a remarkable turnaround, posting a net profit of EGP 2.18 million in Q1 2024, compared to a EGP 1.68 million loss in Q1 2023. Earnings per share (EPS) rebounded to EGP 0.04 as of March 31, 2024, from a loss per share of EGP 0.03 a year earlier.
Revenue surged to EGP 45.36 million in the first quarter, up from EGP 20.64 million in Q1 2023. Total assets also grew to EGP 2.18 billion by March 31, 2024, from EGP 1.66 billion at the end of December 2023.
Notably, the National Bank of Egypt (NBE) exited its board membership in 2023, marking a strategic shift for the company.
SHARM DREAMS CO. FOR TOURISM INVESTMENT
SDTI
Financial ResultsPositive News
Sharm Dreams Soars to Profitability in Q1 2024 After Year of Losses
Sharm Dreams reports significant Q1 2024 profit turnaround with revenue surge and asset growth amid strategic shifts.
June 6, 2024 at 8:54:00 AMScore: 78
Recommended Actions
- Monitor stock for potential breakout above EGP 15.81 resistance
- Consider buying on dips if Q2 earnings confirm momentum
- Watch for insider transactions post-NBE exit
- Review debt levels amid asset expansion
- Compare valuation to tourism sector peers
Positive Aspects
- Net profit turnaround from loss to profit
- 71% year-over-year revenue growth
- 24% increase in total assets
Negative Aspects
- NBE's exit from board membership raises governance concerns
- Prior-year losses indicate historical volatility
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