Cairo – Six of October Development and Investment (SODIC) has logged consolidated net profits after tax worth EGP 295.71 million in the first half (H1) of 2022, higher than EGP 225.84 million in H1-21, including minority shareholders' rights.

Revenues surged to EGP 2.73 billion during the first six months (6M) of 2022, compared to EGP 1.87 billion in the year-ago period, according to the income statements on Wednesday.

The earnings per share (EPS) rose to EGP 0.82 in H1-22 from EGP 0.62 in H1-21.

During the second quarter (Q2) of 2022, the consolidated net profits after tax amounted to EGP 67.50 million, lower than EGP 123.55 million during the same period a year earlier, including minority interest.

The consolidated revenues grew to EGP 1.54 billion in Q1-22 from EGP 1.02 billion in Q1-21.

As for the standalone businesses, the company registered net losses after tax of EGP 118.65 million in January-June 2022, higher than EGP 84.73 million in the year-ago period.

The non-consolidated revenues jumped to EGP 1.10 billion in H1-22 from EGP 629.89 million in H1-21. Moreover, the loss per share stood at EGP 0.33 in H1-22, versus EGP 0.24 in H1-21.

Meanwhile, the Q2-22 standalone net losses enlarged to EGP 99.61 billion from EGP 40.54 million in Q2-21. The standalone revenues soared to EGP 773.79 million in Q2-22, compared to EGP 374.86 million in Q1-21.

In the January-March 2022 period, the listed firm’s consolidated net profits after tax increased to EGP 228.20 million from EGP 102.28 million in Q1-21, including non-controlling equity.

Earlier this month, SODIC submitted a non-binding offer to acquire up to 100% of Madinet Nasr Housing and Development’s (MNHD) share capital.

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