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SODIC's profit hikes 235% in Q1-21

SODIC's profit hikes 235% in Q1-21
The real estate developer’s revenues surged to EGP 848.575 million
SODIC
OCDI
0.17% 17.31 0.03

Cairo – Mubasher: Six of October Development and Investment (SODIC) recorded net profits of EGP 100.46 million in the first quarter (Q1) of 2021, up by 235% year-on-year (YoY) from EGP 30.006 million, including minority shareholders’ rights.

The real estate developer’s revenues surged to EGP 848.575 million in the January-March period, compared to EGP 528.987 million in the prior-year period, according to a bourse disclosure on Monday.

The standalone financial results showed net losses of EGP 44.18 million in Q1-21, down from EGP 79.718 million in Q1-20.

In 2020, SODIC reported consolidated net profits of EGP 819.65 million, up from EGP 719.4 million in 2019.