SODIC’s consolidated profit drops 108.3% YoY in Q1
Updated 4/28/2024 10:14:00 AM
Arab Finance: Sixth of October Development and Investment Company (SODIC) reported a 108.27% year-on-year (YoY) plunge in consolidated profit attributable to the parent company during the first quarter (Q1) of 2024, according to financial statements filed to the Egyptian Exchange (EGX) on April 28th.
The company’s consolidated profit excluding minority interest climbed to EGP 390.116 million in the January-March period this year from EGP 187.311 million during the same quarter last year.
Total operating revenues soared to EGP 1.839 billion in Q1 2024 from EGP 1.496 billion during the first three months of 2023.
Meanwhile, SODIC achieved standalone net profits after tax of EGP 48.083 million in the three months to March 31st, down from EGP 215.883 million in Q1 2023.
Established in 1996, SODIC is a mixed-use developer listed on the EGX, with a portfolio of diversified projects across Egypt, particularly in Cairo and the North Coast.
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