Cairo – Mubasher: Pharos Research has maintained their fair value (FV) for Sixth of October for Development and Investment’s (SODIC) stock at EGP 45.5, with an ‘Overweight’ recommendation.

This was mainly driven by SODIC’s projects in Eastern Cairo, Pharos said in a research note on Wednesday.

There are many catalysts bolstering SODIC’s performance such as the 2.1 million metre lands it owns, in addition to the firm's planned launch in the North Coast this year, the research firm indicated.

SODIC is projected to generate around EGP 15 billion in sales during seven years from the possible arm, according to the research note.

Earlier on Wednesday, SODIC posted it has achieved EGP 212.11 million in consolidated profits for the first quarter of 2018, slightly above EGP 211.9 million in Q1-17, including minority shareholders’ rights.

Revenues retreated to EGP 512.12 million in Q1-18, versus EGP 703.47 million in the prior-year period.

Meanwhile, standalone profits fell to EGP 82.7 million in the three-month period ended last March, from EGP 114.6 million in the year-ago period.