Cairo – Mubasher: Sixth of October for Development and Investment (SODIC) on Sunday posted that its consolidated earnings for the first nine months of 2018 rose by 20.7% year-on-year on the back of higher revenues.
The Egyptian real estate firm has generated EGP 612.9 million during the January-September period, versus EGP 507.7 million in the year-ago period, including minority shareholders’ rights, according to a statement.
Revenue grew to EGP 1.9 billion in the nine-month period of this year, up from EGP 1.75 billion in the same period a year earlier.
Quarter-on-quarter, the company achieved a consolidated profit of EGP 238.8 million during the third quarter of 2018, against EGP 166.2 million in Q3-17.
At the level of standalone business, profits amounted to EGP 142.6 million at the end of September, compared to EGP 189.4 million in the corresponding period of 2017.
SODIC also announced that its board of directors has approved to raise the company’s capital to EGP 1.396 billion from EGP 1.369 billion in favour of the reward and motivation system.
The EGP 27.5 million capital increase is distributed over 6.8 million shares exchanged at a value of EGP 4 per share.
SODIC previously posted a 9.5% year-on-year increase in consolidated profits for the first half of 2018.
The company has generated EGP 374.09 million in profits at the end of June, compared to EGP 341.5 million in H1-17
