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FINANCIAL NEWS
Egypt’s SODIC net profit grows 25 percent over Jan-Sep
17 Nov 2015
(MENAFN) Egypt-based Sixth of October Development and Investment Company (SODIC) posted a 25 percent growth in its gross profit over the first nine months which totaled USD28.5 million from last year’s numbers.
According to the latest compiled data, the firm’s incomes touched an overall USD113.3 million over the mentioned period, reflecting a 40 percent climb as opposed to last year’s registered figures.
The company’s major East Cairo project contributed to 68 percent of the overall sales through the first three quarters, not to mention its 425 units delivered across eight projects, which surpassed 2014’s 316 units delivered.
“The strong improvement in profitability was mainly driven by the delivery of high margin units in Allegria and the Strip as well as higher interest income and other operating income,” said SODIC’s officials.
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