Cairo – Mubasher: Sixth of October for Development and Investment (SODIC) on Thursday announced a strong rise in consolidated profits for the full year 2017 on the back of higher revenues.
SODIC achieved EGP 598.62 million ($33.9 million) in profits, including minority shareholders’ rights, in the 12 months ended December, up from EGP 441.33 million ($25 million) in 2016, according to a bourse filing.
The real estate developer’s revenues also increased to EGP 2.29 billion last year from EGP 2.067 billion in the year before.
In terms of standalone results, SODIC logged EGP 154.25 million, down from EGP 222.56 million in 2016, the statement showed.
SODIC had previously posted a 52.9% year-on-year surge in consolidated profits to EGP 166.2 million in the third quarter of 2017 backed by an increase in revenues, compared to EGP 108.7 million in the same period of 2016.
In February, SODIC CEO Majid Sharif told CBC Extra in an interview that the revenue guidance for SODIC in 2018 would be higher than last year, indicating that revenues are expected at EGP 8.7 billion this year.
He added that the company had no intention to distribute cash dividends for 2017, noting that SODIC was looking to set a clear and fixed policy for dividend distributions so as not to affect its expansions.
