Cairo – Mubasher: Six of October Development and Investment (SODIC) posted consolidated net profits after tax worth EGP 341.71 million in the first half (H1) of 2023.
The recorded profits were higher than EGP 295.71 million in H1-22, including minority shareholders' rights.
SODIC generated EGP 2.61 billion in sales during January-June 2023, an annual leap from EGP 2.47 billion, according to the consolidated income statements.
Earnings per share (EPS) hiked to EGP 0.94 in H1-23 from EGP 0.82 in the year-ago period.
Standalone Financial Results
The real estate developer turned to net profits after tax valued at EGP 182.57 million in the first six months (6M) of 2023, against net losses amounting to EGP 118.65 million in 6M-22.
The standalone revenues widened to EGP 1.89 billion in H1-23 from EGP 1.08 billion during the same period in 2022. Meanwhile, the EPS stood at EGP 0.51, versus a loss per share of EGP 0.33.
Financials for Q2-23
In the second quarter (Q2) of 2023, the consolidated net profits after tax hit EGP 150.69 million, up year-on-year (YoY) from EGP 67.50 million, including non-controlling equity.
Revenues declined to EGP 1.26 billion in Q2-23 from EGP 1.40 billion in Q2-22, while the EPS soared to EGP 0.41 from EGP 0.18.
As for the standalone business, the net losses after tax retreated to EGP 33.30 million in Q2-23 from EGP 99.61 million in Q2-22, whereas the loss per share decreased to EGP 0.09 from EGP 0.28.
Non-consolidated revenues climbed to EGP 803.80 million in April-June 2023 from EGP 763.83 million a year earlier.
Ayman Amer, General Manager of SODIC, mentioned: “Despite the limited launches in H1 and the significant price increases to offset the effect of inflation we have achieved record sales.”
“It has been a very strong first half for SODIC with the addition of 620 acres to our land bank in the North Coast, one of our key markets, and reporting strong financials with growth across metrics. We look forward to a strong H2-23.”
In the three-month period that ended on 31 March 2023, the EGX-listed firm’s consolidated net profit attributable to the owners stood at EGP 187.31 million, compared to EGP 226.23 million in Q1-22.
