Sixth of October Development & Investment Company (SODIC), an Egypt-based real estate developer, recorded a net profit of EGP 97 million for the second quarter of 2016, compared to EGP 70 million in the same period of 2015, reported Daily News Egypt.

For the first half of 2016, SODIC’s net profit amounted to EGP 157.785 million, against EGP 152.288 million for the same period last year, according to Ahram Online.

SODIC registered net sales at EGP 1.2 billion in 2016, a 90% increase compare to Q2 of 2016. The increase in sales is attributed to the launches of new phases in Villette and Eastown.

Bank debt for the company is EGP 1.2 billion, while the total cash balance was recorded at EGP 2 billion.

The company’s gross profit margin decreased to 36%, compared to 39% in 2015, due to the low-profit margin of the first units in the Eastown deliveries.

Approximately 60% of SODIC’s sales were from the East Cairo projects, while SODIC West projects contributed to 34% of the sales.

SODIC plans to launch a number of projects in the second half of 2016, including Caesar’s second phase, a 31 acre project in West Cairo, and new phases in both of SODIC’s existing project in East and West Cairo.