Sixth of October for Development and Investment Co. (SODIC) has spent EGP 400 million of its earlier capital hike proceeds, which amounted to EGP 1 billion, the company said in a bourse statement.

The amount was allocated for one of the company's real estate projects that will be established on land plots totalling 301 feddans.

SODIC revealed that it plans to invest EGP 2.3 billion in its own and affiliates’ projects, with expectations to deliver 684 units through 2015.

The real estate developer saw profits of EGP 154 million ($20.2 million) in 2014 against losses of EGP 44.71 million ($58.6 million) for 2013.