SODIC signs agreement to develop residential project on North Coast

Six of October Development and Investment Company (SODIC) has signed a revenue-sharing agreement to establish a residential tourism project on the North Coast.

SODIC said that the contracted sales of the project are expected to reach 80 billion Egyptian pounds, to be collected over a period of 11 years.

According to a bourse filing, the project will be built on two adjacent plots with an area of around 440 acres on the northern coast.

In the first quarter (Q1) of 2023, the EGX-listed firm reported low consolidated net profits attributable to the owners at 187.31 million pounds, compared to 226.23 million pounds in the Q1 of 2022.

Earnings per share (EPS) dropped to 0.53 pounds as of March 31, 2023, from 0.64 pounds per share a year earlier. The total operating revenues soared to 1.49 billion pounds from 1.19 billion pounds.