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SODIC posts lower consolidated profits in Q1-23 initial financials

SODIC posts lower consolidated profits in Q1-23 initial financials
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3.79% 44.63 1.63

Cairo – Mubasher: Six of October Development and Investment Company (SODIC) registered EGP 187.31 million in consolidated net profit attributable to the owners during the first quarter (Q1) of 2023, an annual drop from EGP 226.23 million.

Earnings per share (EPS) stood at EGP 0.53 as of 31 March 2023, lower than EGP 0.64 in the year-ago period, according to the interim income statements.

Total operating revenues surged to EGP 1.49 billion in Q1-23 from EGP 1.19 billion in Q1-22, while the total assets jumped to EGP 31.68 billion from EGP 30.38 billion.

Standalone Financial Results

In the first three months (3M) of 2023, SODIC turned profitable at EGP 215.88 million, against standalone net losses valued at EGP 19.04 million during the same period a year earlier.

The separate EPS hit EGP 0.61 in January-March 2023, versus a loss per share worth EGP 0.05 in Q1-22.

Non-consolidated revenues hiked to EGP 1.10 billion in Q1-23 from EGP 329.37 million as of 31 March 2022, whereas the total assets climbed to EGP 16.67 billion from EGP 16.30 billion.  

Last year, the EGX-listed firm posted consolidated net profits after tax worth EGP 525.15 million, compared to EGP 865.10 million in 2021, including minority interest.