Cairo - Mubasher: NBK Capital MENA Research maintained its Buy recommendation on the stock of Sixth of October for Development and Investment (SODIC).
NBK Capital said it sees SODIC as one of its preferred picks in the Egyptian real estate sector now.
The research unit believes that the potential devaluation of the EGP along with elevated inflation should continue to support investment-driven demand for real estate in Egypt in the coming quarters, benefitting high-end developers such as SODIC.
SODIC saw an increase of 111.9% to EGP 232.5 million in net profits for the first nine months of 2015.
The real estate developer saw net profits of EGP 109.7 million for the similar period of the previous year.
