Property developer SODIC’s Q1 profits rise to 212mn Egyptian pounds

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Egypt’s Sixth of October for Development and Investment (SODIC) said Wednesday it has achieved profits worth 212.11 million Egyptian pounds ($11.8 million) during the first quarter of 2018, slightly above 211.9 million pounds during the same period in 2017, including minority shareholders’ rights.

Revenues retreated to 512.12 million pounds duirng the first quarter of the year, versus 703.47 million pounds a year earlier, the company, said in a filing to the Egyptian Exchange (EGX).

Meanwhile, standalone profits fell to 82.7 million pounds from 114.6 million pounds.

In 2017, SODIC had previously reported a net profit of 598.62 million pounds, compared with 441.33 million pounds in 2016, including minority shareholders’ rights.