Cairo – Mubasher: Sixth of October for Development and Investment (SODIC) on Sunday said it used subscription proceeds of EGP 804 million to increase its share capital until the end of the fiscal year ended 30 June 2017.

The remaining proceeds of the subscription stand at EGP 188.93 million, out of a total of EGP 992.93 million, according to a filing to the Egyptian Exchange (EGX).

The Cairo-based firm invested EGP 400 million in a 301-acre land project as the final and executive designs of the project were completed and approved by the government, SODIC said, noting that the sales of the project improved in comparison to the previous project.

The firm’s profits surged 25.6% to EGP 129.5 million in the second quarter of 2017 from EGP 103.12 million in Q2-16.

SODIC’s share capital amounts to EGP 1.37 billion distributed over 342.3 million shares, with a par value of EGP 4 per share.