EARNINGS WATCH- Egyptian Resorts Company (ERC) posted a net loss of EGP 75.2 mn in 2018, down from a net profit of EGP 69.5 mn during 2017, according to the company’s earnings release (pdf), as pushed ahead with a pivot in from land sales to residential and commercial real estate development. The move has seen management reallocate “significant resources to build-up the organizational capacity required to focus on a business-to-consumer (B2C) market as compared to its business-to-business (B2B) activities,” it said in a statement, adding that it is focused on “developing its sales, marketing and customer service capabilities to better market its existing and planned offerings and extend its customers with best-in-class services.” Looking ahead, management expects “recognition of its undelivered contracted sales backlog to begin having a material impact on its income statement from 2019 onward.”

QNB Al Ahli reported a net profit of EGP 2 bn in 1Q2019, up 26% y-o-y from EGP 1.6 bn in the same quarter last year, according to a regualtory filing (pdf).