SODIC announces its first half results with a 9.7% decline in consolidated profit

Rana Mamdouh

The consolidated financial statements of SODIC (Development and Investment) for the first half of 2006 showed a decrease of 9.7% of their net profit compared to the same period of the previous year.

The company achieved a net profit of 337.921 billion EGP during the first six months of this year, compared with 374.090 million EGP during the comparative period, taking into account minority interests, the company said in a statement.

At the same time, the total revenue from the activity during the same period reached 2,016,498 billion pounds, against 1,050,226 billion pounds during the corresponding period.

Gross profit in the first half of this year reached 630.092 million pounds against 514.139 million pounds in the same period.

Total activity costs increased over the same period to reach LE 1,386.405 billion, compared with LE 536.139 million for the corresponding period.

Net customer contracts in the first half of this year amounted to 2.28 billion pounds.

The net receipts of customers during the same period amounted to 2.31 billion Egyptian pounds.

In terms of independent operations, the company's financial statements posted a loss in the first half of the year to 39.844 million pounds, compared to 106.768 million pounds for the corresponding period.

On the other hand, activity income increased to £ 424.136 million in the same period, compared with £ 421.123 million for the same period.

The gross margin fell to 181.327 million Egyptian pounds in the first half of this year, compared to 246.166 million pounds in the corresponding period.

The cost of sales during the same period increased to 242,809 million pounds against 174,957 million pounds for the same period.