SODIC Posts 564% Surge in Q1 Consolidated Profit

The board of property developer Six of October Development & Investment Co. (SODIC) endorsed consolidated financial indicators for Q1 that ended on March 31, 2014.

These indicators showed that net profit soared 564% to EGP 40.3 million, from EGP 6.1 million in the same period a year earlier.

Meanwhile, the company’s standalone net profit reached EGP 19.5 million, compared with EGP 39 million in Q1-13.

SODIC had logged EGP 447 million net loss in FY13, narrowing 174% year-over-year from EGP 257.3 million net profit a year earlier.