Cairo – Mubasher: Sixth of October for Development and Investment (SODIC) reported a 10% year-on-year profit drop during the first half of 2019.
Net profits declined to EGP 337.9 million in the January-June period of 2019, compared to EGP 374.09 million in the corresponding period a year earlier, the real estate developer said in a statement to the Egyptian Exchange (EGX) on Thursday.
On the other hand, revenues surged to EGP 2.01 billion in H1-19 from EGP 1.05 billion in H1-18.
As for the second quarter of 2019, SODIC’s profit hiked to EGP 175.8 million, compared to EGP 161.9 million in the year-ago period.
At the level of standalone business, the property developer suffered losses of EGP 39.8 million in H1-19, against profits of EGP 106.7 million in H1-18.
During the three-month period ended 31 March, SODIC reported a net profit of EGP 162.04 million, down from EGP 212.11 million in the year-ago period.
