Six of October Development and Investment (SODIC) reported an 18% decline in its profits to reach EGP 504 mn in the first nine months of 2019, compared to EGP 612.9 mn in the prior-year period, Invest-Gate reports.

The company attributed this profit decrease to “the lower operating profitability, affected by Villette deliveries, but also impacted by higher interest expense attributed to higher debt utilization,” according to the company’s bourse statement released on November 14.

In the third quarter of 2019, net profits also declined to EGP 168 mn with a net profit margin of 12%, SODIC’s financial statements showed.

However, revenues rose 74% in the nine-month period of this year, recording EGP 3.4 bn and on track to achieve full-year guidance of EGP 5.2 bn.

The growth comes on the back of timely deliveries across SODCI’s projects, with the Villette project being the largest contributor by 40% to the delivered value, followed by Eastown and the Courtyards at 19% and 12%, respectively, the company added in a statement.