Egypt’s property developer SODIC profits fall 10% in H1

Big 5

Egyptian real estate developer SODIC reported on Thursday a 10 percent year-on-year decline in profits to 337.9 million Egyptian pounds ($20.4 million) during the first half of the year.

Earlier, profits stood at 374.09 million pounds during the first half of 2018.

On the other hand, the company’s first-half revenues surged to 2.01 billion pounds from 1.05 billion pounds during the same period in 2018.

Second-quarter revenues also rose to 175.8 million pounds against 161.9 million pounds during the same quarter last year.

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