Cairo – Mubasher: Six of October Development and Investment (SODIC) logged a consolidated net profit of EGP 629.56 million in the first half (H1) of 2024, up from EGP 341.71 million in H1-23.
Total real estate revenues rose to EGP 3.51 billion in H1-24 from EGP 2.61 billion in H1-23, according to the interim financial results.
The earnings per share (EPS) amounted to EGP 1.76 between 1 January and 30 June, up from EGP 0.94 in the corresponding period the year before.
Quarterly Results
During the second quarter (Q2) of 2024, SODIC’s consolidated net profit increased to EGP 237.51 million from EGP 150.69 million.
Total real estate revenues rose to EGP 1.88 billion in Q2-24 from EGP 1.26 billion in Q2-23.
Standalone Results
SODIC reported an EGP 45.88 million in standalone profits during the first six months (6M) of 2024, down from EGP 182.57 million in 6M-23.
Total real estate revenues dropped to EGP 1.46 billion in 6M-24 from EGP 1.89 billion in 6M-23.
In Q2-24, the company’s standalone net loss shrank to EGP 2.19 million from EGP 33.30 million in the same quarter the year before.
Total real estate revenues declined to EGP 722.34 million in Q2-24 from EGP 803.80 million in Q2-23.
Ayman Amer, General Manager of SODIC, said: “Sales have grown by 34% despite the limited launches in the first quarter as we remain committed to delivering profitable sales and sustainable growth.”
“We are proud to have taken further strides in our hospitality offering, having expanded our relationship with Nobu, the renowned luxury lifestyle brand, and partnered with Marriott International to bring two Tribute Portfolio Hotels in West Cairo and the North Coast,” Amer added.
He commented: “The robust demand for our projects reflected in the demand for our launches and the significant drop in cancellations underscores the strength of our brand and the resilience of the Egyptian market”
SODIC logged a consolidated net profit of EGP 392.05 million in Q1-24, up from EGP 191.02 million in Q1-23.
