Egypt's current account gap narrows, but overall BoP records deficit    Egypt's PM reviews debt reduction strategy, eyes more private investment    Egypt hosts international neurosurgery conference to drive medical innovation    Egypt, India discuss expanding industrial, investment partnerships    World Bank proposes Egypt join new global health initiative    Egypt's EDA discusses Johnson & Johnson's plans to expand investment in local pharmaceutical sector    I won't trade my identity to please market: Douzi    Sisi sends letter to Nigerian president affirming strategic ties    Egypt welcomes 25-nation statement urging end to Gaza war    Egypt, Senegal sign pharma MoU to unify regulatory standards    Egyptian pound ticks down in early Tuesday trading    Famine kills more Gaza children as Israel tightens siege amid global outrage    Kuwait's Crown Prince, Egyptian minister discuss strengthening cooperation    Egyptian Drug Authority discusses plans for joint pharmaceutical plant in Zambia    Egypt's FM seeks deeper economic, security ties on five-nation West Africa tour    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt foils terrorist plot, kills two militants linked to Hasm group    Egypt, Somalia discuss closer environmental cooperation    Egypt exports 175K tons of food in one week    Giza Pyramids' interior lighting updated with new LED system    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, Uruguay eager to expand trade across key sectors    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egypt's SODIC hits 5-year high, doubles profits in H1/2014
Stellar first half of 2014 for Egyptian real estate developer, as share prices reach LE44 and net profits are doubled from same period last year
Ahram Online Published in Ahram Online on 14 - 08 - 2014

Egypt's Six of October Development and Investment (SODIC), the country's third-largest real estate developer, saw a five-year high in its share price on Thursday, reaching LE44 after seeing significant net profits in the first half (H1) of 2014.
According to a statement released by the company on Thursday, SODIC's net profit in H1/2014 (LE91 million) has almost doubled from the same period of last year as the property developer has witnessed strong and healthy operations during the first six months of the year.
"The share price has gone up as investors are tending to buy since their sentiment is boosted by SODIC's plan to increase its capital by LE1 billion," Eissa Fathy, vice head of the securities division at Cairo Chamber of Commerce, told Ahram Online.
The company said in May that "the capital increase will be divided over 250 million shares at a value of LE4 per share. Existing shareholders will have the right to either subscribe to the capital increase or sell their subscription right in the market via tradable rights."
SODIC's flourishing operations were led by the delivery of 223 housing units worth LE644 million in H1/2014, compared to 212 units in H1/2013 that brought LE426 million.
Egypt's real estate industry was thrown into turmoil after a popular uprising ousted president Hosni Mubarak in 2011, causing demand for high-end property to fall.
SODIC has been spared much of the legal uncertainty over land-bank ownership that has damaged investor confidence in the sector since 2011.
In April, SODIC agreed to pay the Egyptian government LE900 million over seven years following a revaluation of its Eastown scheme in Cairo, adding it would develop the project over five years.
In May, US private equity firm Ripplewood acquired a 10 percent stake in Egypt's SODIC for LE217.17 million.
The deal is Ripplewood's second investment in Egypt, after the company acquired a 2.3 percent stake in Palm Hills, the country's second-largest listed property developer, and said it hoped to increase its stake over time.
http://english.ahram.org.eg/News/108461.aspx

Clic here to read the story from its source.