Cairo – Egypt: The consolidated income statements of Sixth of October for Development and Investment (SODIC) showed a decline of 24.7% in profits during fiscal year 2018 compared to the prior year.

Earnings shrank to EGP 450.9 million in FY18 from EGP 598.6 million in FY17, according to a bourse statement on Thursday.

Revenues increased to EGP 3.7 billion from January to December 2018 compared to EGP 2.29 billion in the corresponding period in 2017.

The standalone business of SODIC registered a loss of EGP 193.4 million in FY18 against profits valued at EGP 154.25 million in FY17.