Egyptian developer Six of October Development and Investment Co. expects to earn LE 4 billion ($700 million) in the next three years as it completes projects and diversifies, a senior executive told Bloomberg.
Most of the company’s revenue over the next year will come from the delivery of 800 to 900 homes in its flagship Allegria development on the outskirts of Cairo, Chief Financial Officer Ahmed Dabbous said in an interview with Bloomberg.
SODIC in June bought a 50 percent stake in Damascus-based Palmyra Real Estate Development Co. for $40.5 million, an investment Dabbous said will contribute to the bottom line in “two to three years.” The company expects more revenue from leasing retail outlets now under construction and as it completes projects by its Syrian unit, the CFO said.
