Egyptian property developer SODIC 9-month profits grow 14.6%

Egyptian real estate developer Six of October Development and Investment – SODIC reported a 14.6 percent increase in profits during the first nine months of 2016.

Nine months 2016 net profit rose to 266.5 million Egyptian pounds (around $17.1 million), from 232.5 million pound in the same period last year, the firm added in a statement on Tuesday.

Meanwhile, third-quarter net profit hiked 35.5 percent to record 108.7 million pounds versus 80.2 million pounds last year.

Standalone nine-month net profit fell 15 percent to 137.5 million, compared to 162 million pound in the same period in 2015.