Egypt's biggest property developer, Six of October Development and Investment (SODIC), announced a net profit of LE257.3 million ($38.1 million) for the fiscal year ending December 2012, in a statement to the bourse Thursday. SODIC incurred a net loss of LE193.1 million ($28.6 million) in the previous fiscal year, 2011. According to the statement, the firm saw a 165 percent rise in revenues in fiscal year 2012, recording some LE1.3 billion compared to LE516.4 million the year before. Early Thursday, Beltone Financial reported that impressive numbers were mainly driven by strong deliveries during fiscal year 2012. The company delivered a total of 428 units worth LE1.3 billion in three projects. Recently, SODIC announced that it had received government approval to develop its Eastown development project in Cairo within a three-year period. The move overrules an earlier decision issued by Egypt's New Urban Communities Authority that had revoked the company's Eastown land contract. SODIC shares were down 0.6 percent on Thursday mid-trading.
