Cairo – Mubasher: Sixth of October for Development and Investment’s (SODIC) revenues are expected to grow by 55.35% year-on-year to EGP 8.7 billion in 2018 from EGP 5.6 billion a year earlier, CEO Majid Sharif said in an interview to CBC extra news.
The real estate developer has no intentions to distribute cash dividends for 2017 profits, Sharif pointed out, adding that the company is currently seeking to set a clear and fixed policy for dividend distributions in order not to impact its expansions.
He also noted that the US’ Ripplewood Holdings is planning to acquire an additional stake of 10% in SODIC, which is an indicator of foreign investors’ trust and interest in boosting investments in the North African nation.
SODIC is planning to inject EGP 3 billion into the projects of East Town, Villette, and SODIC East this year, in addition to finalising of work in SODIC West and Seas Bay in North Coast.
The Egypt-based firm is set to pay off EGP 950 million as installments to the New Urban Communities Authority (NUCA).
Demand for properties is still high despite its prices jumped by 40-45% after the floatation of the Egyptian pound, he indicated.
Sharif also said that about 70% of SODIC’s investors in the New Administrative Capital projects are foreigners.
SODIC’s capital amounts to EGP 1.36 billion distributed over 342.2 million shares at a par value of EGP 4 per share.
