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FINANCIAL NEWS
Egypt’s SODIC reports USD38.1m profit in 2012
28 Feb 2013
(MENAFN) Egypt’s SODIC announced that it managed to post a profit of USD38.1 million last year, compared with a loss in the year before, reported Reuters.
The property developer, which didn’t reveal comparative figures for 2011, said that in the fourth quarter alone, it posted a net profit of USD18.49 million.
In the quarter, the firm made contracted sales of USD51.35 million.
Meanwhile, total quarterly revenues reached USD83.46 million.
It is worth noting that the country’s real estate sector had been hardly hit by the political unrest that swept the country, and lowered demand for high-end property.
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