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SODIC's profit up 14% in 2020; dividends proposed

SODIC's profit up 14% in 2020; dividends proposed
Revenues grew to EGP 5.57 billion last year
SODIC
OCDI
-2.60% 44.56 -1.19

Cairo – Mubasher: Six of October Development and Investment (SODIC) reported consolidated net profits of EGP 819.65 million in 2020, up by 13.9% year-on-year (YoY) from EGP 719.4 million.

The profits attributable to minority interests reached EGP 6.308 million last year, up from EGP 1.839 million in 2019, SODIC said in a bourse disclosure on Monday.

In total, the company’s net profits rose to EGP 825.9 million in 2020 from EGP 721.2 million in 2019.

Revenues grew to EGP 5.57 billion last year, compared to EGP 5.38 billion a year earlier.

As for standalone business, SODIC logged EGP 23.08 million in net profits in 2020, down from EGP 195.13 million in 2019.

The board of directors recommended a cash dividend of EGP 0.55 per share for 2020’s earnings.

During the first nine months of 2020, SODIC reported net profits of EGP 537.84 million, compared to EGP 506.09 million in the year-ago period, including minority shareholders’ rights.