Cairo – Mubasher: Six of October Development and Investment (SODIC) reported a 17% year-on-year profit decline during the first nine months of 2019.

Net profits went down to EGP 506.09 million in the January-September period, compared to EGP 612.9 million in the same period a year earlier, including minority shareholders’ rights, the company said in a statement to the Egyptian Exchange (EGX) on Thursday.

On the other hand, the company’s revenues hiked to EGP 3.2 billion in the nine-month period ended 30 September from EGP 1.8 billion in the year-ago period.

As for the third quarter of 2019, SODIC logged a net profit of EGP 168.17 million, compared to EGP 238.8 million in Q3-18.

At the level of the standalone financials for the January-September period, the property developer suffered net losses of EGP 28.4 million, versus net profits of EGP 142.6 million in the prior-year period.

It is worth mentioning that during the first half of 2019, SODIC logged a net profit of EGP 337.9 million, down from EGP 374.09 million in H1-18.