The share of the sixth of October for Development and Investment “Sodic”, which is listed on the Egypt Stock Exchange, rose by 3.68% during the trading of the session today, to circulate at the price of 65.32 pounds per share, after obtaining approval to amend the company’s purpose and increase the capital.
548.89 thousand shares of the sixth of October shares for Development and Investment “SODIC” at that time were traded, with a value of trading 35.88 million pounds.
The highest price per share was at that time at 66 pounds per share, while the lowest price per share was at 63.50 pounds per share.
The price of the share of the sixth of October Company for Development and Investment (SODIC) witnessed a remarkable increase, after the approval of the Financial Supervisory Authority to publish the company’s disclosure report regarding amending its purpose and increasing the capital.
The report pointed out that the amendment of the company’s purpose includes adding several new activities that include the ownership, management and operation of marine units such as boats, yachts and water motors, in addition to establishing, ownership, operation and management of restaurants and fixed cafes, the establishment and management of sports clubs and private academies, as well as health clubs and fitness centers.
The report also included an increase in the capital authorized for the company from 2.8 billion pounds to 25 billion pounds, in addition to increasing the issued capital on the occasion of the merger from 1.424 billion pounds to 5.157 billion pounds, an increase of 3.732 billion pounds, distributed over 933.09 million shares with a nominal value of 4 pounds per share.
This amendment comes after the deportation of an amount of 1.48 billion pounds to the special reserve account, and the issuance of the company’s capital shares after the merger of 1.289 billion shares, which represents the total values of the net assets of the inclusive company and the integrated companies according to the book value in December 2021.
It is noteworthy that the Sodic Company decided to integrate a group of real estate companies within its structure, namely: Sodic Real Estate Development and Investment Company, Sodic Polijon Real Estate Investment Company, Suril Real Estate Investment Company, Sixth of October Development and Real Estate Projects, Tapuk Development Company, Lamizon Real Estate Investment Company, and Al -Yusr Projects and Real Estate Development Company.
With regard to financial performance, Sodic Company achieved a net profit of 2.53 billion pounds during the year 2024, compared to 1.37 billion pounds in the year 2023, taking into account the minority rights. On the other hand, the company’s total revenues decreased to 9.75 billion pounds, compared to 10.32 billion pounds in 2023.
The company’s total activity costs also declined to 4.342 billion pounds in 2024, compared to 6.76 billion pounds in the previous year. In terms of unacceptable financial statements, the profits of the independent company decreased to 87.06 million pounds, compared to 456.36 million pounds in 2023.
