Egypt’s SODIC records 83% decline in first-quarter profits

Egypt’s real estate developer, SODIC reported an 83 percent drop in net profits to around 28 million Egyptian pounds ($1.7 million) during the first quarter of this year.

The profits declined due to the company’s did not deliver the client’s units amid the coronavirus pandemic, which affected badly the real estate sector by mid-February 2020, its managing director Maged Sherif said on Sunday.

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