Egypt’s SODIC Q1 net profit declines by 31 %

Egyptian real estate developer six of October Development & Investment (SODIC) consolidated net profit declined by 31 percent to report 54.655 mln Egyptian pound (US$.147 mln) for 2016 first quarter, compared to  79.31 mln pounds a year earlier.

In a statement, the company announced that it reported Q1 sales of 186.777 mln pounds versus 283.851 mln during same period last year.

SODIC, the country’s third-largest listed real estate developer, said revenue for the period recorded 186.776 billion pounds in comparison with 283.8 billion pounds in Q1 2015.