Cairo – Mubasher: Prime investment research set the fair value of Sixth of October for Development and Investment (SODIC) at EGP16.6 per share, according to its report issued on Tuesday.

At this cut-off value, the stock is forecast to grow 58% above the current stock quote which was 3.2% lower to EGP10.17 by 2:20pm Cairo time on Monday with 633,000 shares changing hands at EGP6.5 million in 461 transactions.

Further, the real estate developer’s sales are expected to jump by EGP4.1 billion and EGP4.5 billion respectively during 2016-17 on the launches of the new phases of the courtyards in Villette and Eastown Residences, the research firm indicated.

In 2015, SODIC sales turnover jumped to EGP4.4 billion from EGP2.5 billion a year earlier.  

Earlier, the company announced targeting EGP2.6 billion investments during 2016 as well as delivering 935 residential units.

The company earned EGP 321.3 million by the end of 2015, compared to EGP 154.3 million a year earlier, according to the consolidated financial results