Cairo – Mubasher: Sixth of October for Development and Investment (SODIC) reported a 23.6% year-on-year drop in its consolidated profits during the first quarter of 2019.

Net profits amounted to EGP 162.04 million in the three-month period ended 31 March, compared to EGP 212.11 million in the year-ago period, SODIC said in a statement to the Egyptian Exchange (EGX) on Sunday.

Meanwhile, revenues rose to EGP 941.22 million in Q1-19 from EGP 512.12 million in the same period a year earlier.

On the other hand, costs of activities surged to EGP 671.15 million in the January-March period of 2019, compared to EGP 246.02 million in the corresponding period of 2018.

As for non-consolidated business, SODIC turned into losses of EGP 26.58 million in Q1-19, against a profit of EGP 82.73 million in Q1-18.

For the full-year 2018, the company logged EGP 450.9 million in profits, compared to EGP 598.6 million in the previous year, including minority shareholders’ rights.

The company’s revenues increased to EGP 3.7 billion last year from EGP 2.29 billion in 2017.