Cairo – Mubasher: Sixth of October for Development and Investment (SODIC) on Wednesday reported a 52.9% year-on-year rise in consolidated profits for the third quarter of 2017 due to higher revenues.
Net profit reached EGP 166.2 million in the three-month period ended September 2017, versus EGP 108.7 million in Q3-16, the company said in a filing to the Egyptian Exchange (EGX).
Revenues grew to EGP 583.8 million in Q3-17 from EGP 531.5 million in Q3-16.
In the first nine months of 2017, net profit increased to EGP 507.7 million from EGP 266.49 million in the prior-year period.
Standalone profits rose to EGP 189.47 million in the nine-month period ended September 2017, compared to EGP 137.5 million in the corresponding period of 2016.
SODIC had previously posted a net profit of EGP 129.5 million in the three months ended June 2017, versus EGP 103.12 million in Q2-16.
By 12:29 pm Cairo time, SODIC’s stock edged up 0.38% to EGP 18.48.