Egypt’s SODIC Posts 2012 Net Profit Of EGP257 Mln After Loss In 2011

Egyptian property developer SODIC (Sixth of October Development & Investment Company) (OCDI.CA) said on Wednesday it made a net profit of 257 million Egyptian pounds ($38.1 million)in 2012 after a net loss in 2011.

The company’s net income for the fourth quarter of 2012 was 125 million pounds, it said in a statement, without giving a comparative figure for the same period in 2011.

Egypt’s real estate industry was thrown into turmoil after a popular uprising ousted President Hosni Mubarak in 2011, hitting demand for high-end property.

SODIC has been spared much of the legal uncertainty over land bank ownership that damaged investor confidence in the sector since the revolt. An agreement with authorities in March last year to develop projects on its land bank in West Cairo within three years protected SODIC’s assets from possible legal challenges.

The company said it made contracted sales of 347 million pounds in the fourth quarter of 2012, and total revenues of 564 million pounds in the same period.