Egypt’s property developer Sixth of October Development & Investment Co. (SODIC) took the first rank in the Office/Business category in Euromoney's Real Estate Survey 2014, according to the company’s statement.
In recognizing SODIC for the award, Euromoney Editor Clive Horwood highlighted how "the winners of this year's Euromoney survey are those that exhibited the ability to innovate and make best use of the inherent strengths of their organisation. In Egypt, in particular, there are great opportunities for those companies best equipped to operate in challenging markets.
Through the Euromoney Real Estate Survey, the market has recognised SODIC as a leader in this field."
Commenting on the award, Ahmed Badrawi, Managing Director, SODIC said: "This award in the business/office category comes as a testament to The Polygon, SODIC's first Business Park. The Polygon is one of the most exciting projects to come to the market. We are extremely proud of this project and even more so seeing it coming to life."
SODIC’s consolidated financial indicators for H1 that ended on June 30, 2014 had mirrored a jump in net profit by 84% to EGP 90.5 million, compared with EGP 49.1 million in the same period a year earlier.
H1-14 non-consolidated net profit amounted to EGP 30.8 million, with a fall by 58% compared with EGP 73.3 million in H1-13.
The company’s total revenues reached EGP 364.6 million, compared with EGP 323.5 million in H1-13.
Q1-14 consolidated net profit had reached EGP 40.3 million, compared with EGP 6.1 million net profit in Q1-13.