Egypt’s SODIC Swings to 2011 Net Loss of EGP 193.2 Mln

Six of October Development & Investment Company – SODIC – (OCDI.CA) posted net losses of EGP 193.152 million during the fiscal year ended December 31st, 2011. Noting that the company had posted net profits of EGP 135.294 million during the fiscal year of 2010.

SODIC’s total revenues rose to reach EGP 542.275 million in 2011, compared to EGP 519.528 million in 2010.

In the meanwhile, the total activity-based costing surged to reach EGP 561.386 million in 2011, compared to EGP 266.210 million in 2010.  SODIC’s gross losses, after excluding the activity costs, valued at EGP 19.110 million, compared to gross profits of EGP 266.210 million achieved in 2010.

The company reported a loss per share of EGP 2.08, noting that it had posted earnings per share of EGP 1.31 a year earlier.

SODIC’s unconsolidated financial statements revealed net losses of EGP 123.358 million in 2011, compared to net profits of EGP 357.355 million for the same comparable period of 2010.

Sixth of October Development & Investment Company (SODIC) was established in 1996 with the aim of developing land in and around the Sixth of October City and continues to do so in the Beverly Hills area which spreads over 7,000,000 square meters .
The Company’s activities include acquiring properties, contracting, developing and selling and/or renting them to interested parties.
SODIC is one of Egypt’s largest real estate development companies. It is listed on the Egyptian Stock Exchange (OCDI.CA.)

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