Cairo – Mubasher: Sixth of October for Development and Investment (SODIC) said Thursday that the board of directors approved increasing its capital by EGP 13.556 million, divided into 3.38 million shares at a nominal value of EGP 4 per share.

The top-up will be allocated for the incentive programs, said the company in a bourse filing.

Accordingly, issued capital will increased from EGP 1.355 billion to EGP 1.369 billion, distributed over 342.3 million shares at EGP 4 a share.

SODIC consolidated statements revealed Tuesday that Q3-16 profits grew 35.5% year-on-year to EGP 10.7 million from EGP 80.2 million, according to a bourse filing.

In the first nine months, net profits reached EGP 266.5 million, higher 14.6% from EGP 232.5 million for the year-ago period.