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SODIC’s profit sinks 80% in H1-20

SODIC’s profit sinks 80% in H1-20
The company’s revenues slid to EGP 1.07 billion
SODIC
OCDI
-2.60% 44.56 -1.19

Cairo – Mubasher: Six of October Development and Investment (SODIC) reported an 80% year-on-year (YoY) drop in its net profits to EGP 69.3 million in the first half (H1) of 2020 from EGP 337.9 million.

The company’s revenues slid to EGP 1.07 billion in the January-June period from EGP 2.016 billion in the year-ago period, according to a bourse disclosure on Wednesday.

The standalone financial statements showed net losses of EGP 171.18 million in H1-20, up from EGP 39.8 million in H1-19.

During the first quarter (Q1) of 2020, SODIC’s net profits plunged to EGP 27.7 million from EGP 162.04 million in Q1-19.