Cairo – Mubasher: The consolidated financial statements of Six of October Development and Investment (SODIC) reported an 83% year-on-year (YoY) drop in its net profits to EGP 27.7 million in the first quarter of 2020 from EGP 162.04 million.
The company’s revenues dwindled to EGP 429.45 million in the three-month period ended on 31 March from EGP 941.22 million in the corresponding period a year earlier, according to a bourse disclosure on Monday.
As for standalone financials, SODIC suffered net losses of EGP 79.18 million in Q1-20, compared to EGP 26.58 million in Q1-19.
It is worth mentioning that in 2019, the real estate developer achieved net profits of EGP 721.24 million, up from EGP 450.9 million in 2018, including minority shareholders’ rights.
