By Elsayed Solyman
Cairo – Mubasher: Sixth of October for Development and Investment (SODIC) has entered into talks to purchase a 250-feddan land plot in Dreamland, said the managing director and board member Maged Sherif.
“We are still holding informal negotiations for acquiring the land plot. Any updates will be announced on time”, the managing director added, giving no further details about the deal.
The 250-feddan land plot was a matter of dispute between Dreamland’s owner, Ahmed Bhaget, and the National Bank of Egypt and Banque Misr, which was later acquired by the two banks after settling Bhaget’s debt credit worth $3.6 billion.
Moreover, the real estate developer intends to increase its land’s investment portfolio during the upcoming period, the board member indicated.
“The company mulls a number of acquisitions to strengthen the land investment portfolio, namely in Egypt’s North Coast”, Maged said.
Regarding SODIC financials, Maged expected net profit and sales to flourish in third quarter of 2016 amid stronger speculations about devalution and investors’ hedge against inflation in the real estate sector.
Over the second quarter, SODIC net profit grew 41% year-on-year to EGP 103.13 million ($11.58 million) from EGP 72.98 million ($8.2 million).
Sales surged to EGP 1.2 billion in the second quarter, higher 90.2% year-on-year and 75.8% quarter-on-quarter.
During the first six months, net profit reached EGP 157.78 million, up by 3.6% from EGP 152.29 million for the year-ago period.
Translated by Ahmed Elsayed Ali
