Egypt: SODIC eyes $2.59bln sales from new development project

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

SODIC highlighted that the project’s contracted sales are expected to reach EGP 80 billion, which will be collected over a period of 11 years.

The scheme will be established on two adjacent plots spanning around 440 acres on the northern coast, according to a bourse filing.

In the first quarter (Q1) of 2023, the EGX-listed firm recorded lower consolidated net profits attributable to the owners at EGP 187.31 million, compared to EGP 226.23 million in Q1-22.

Earnings per share (EPS) declined to EGP 0.53 as of 31 March 2023 from EGP 0.64 a year earlier, while the total operating revenues surged to EGP 1.49 billion from EGP 1.19 billion.

As for the standalone business, SODIC turned to non-consolidated net profits valued at EGP 215.88 million in Q1-23, versus net losses worth EGP 19.04 million in the January-March 2022 period.