Cairo – Mubasher: Six of October Development and Investment (SODIC) reported a 60% year-on-year profit hike during 2019.

Net profits leapt to EGP 721.24 million last year from EGP 450.9 million in 2018, including minority shareholders’ rights, the company said in a statement to the Egyptian Exchange (EGX) on Wednesday.

In the meantime, revenues surged to EGP 5.33 billion in the 12-month period ended 31 December 2019, compared to EGP 3.7 billion a year earlier.

As for standalone business, the company reported net profits of EGP 195.13 million in 2019, against net losses of EGP 193.5 million in the previous year.

Dividends

In addition, the company’s board of directors recommended a cash dividend distribution of EGP 0.55 per share for 2019 and EGP 19.2 million profit share for employees.

Sales

Moreover, the real estate developer revealed plans to generate EGP 8.4 billion in gross contracted sales during 2020, up by 15% from EGP 7.3 billion in 2019.

This involves sales from Malaaz project in the North Coast, excluding any non-residential units, the company pointed out.

Nearly 1,150 units are expected to be delivered with a value of EGP 5 billion and the construction expenses are projected to reach EGP 3.7 billion.