Sixth of October Development & Investment, Egypt's third-biggest listed developer, widened its loss in the first three months of the year.
However, the company is still seen as a strong candidate to weather the country's financial crisis.
The company, also known as Sodic, posted a first-quarter net loss of 16.1 million Egyptian pounds (Dh9.9m), compared with a net loss of 10.9m pounds in the same period last year.
Analysts said its conservative accounting policy, which did not recognise revenue until units were handed over, was behind the net loss.
The company delivered just 22 units in its flagship Allegria project in west Cairo, worth 52m pounds, less than it had previously expected, but said deliveries would be back to normal by the second quarter.
It is on track to deliver 500 units this year, the company said.
The luxury property developer said it owed 154m pounds in land dues to be paid over the next five years. Net revenue stood at 41.5m pounds in the first quarter, up from 15.4m a year earlier.
Analysts said it was difficult to compare quarterly revenues for developers because the number of units handed over can vary monthly.
"During a rough quarter, Sodic managed to keep to its 2011 plan by focusing on unit delivery, continued project execution while adjusting its strategy to accommodate the post revolution environment," the company said.
Sodic has been viewed as the more resilient among its Egyptian property peers, including Palm Hills and Talaat Moustafa, and least affected by legal challenges over land deals.
Analysts at JPMorgan said in a recent note to investors they expected Sodic to "continue outperforming peers in the near [to] medium term with its historically transparent land acquisition policy".
"This should allow Sodic to benefit from the expected recovery in Egypt's political and economic landscape over the next 12 to 18 months," the note said.
The company was also initiated with a "buy" rating at Beltone Financial with a price target of 76 pounds.
Planned investments for this year have been cut to 1.2 billion pounds from 1.8bn pounds, but prospects for the company have also improved on the back of the resignation of Magdy Rasekh, who stepped down as chairman this month. His link to the former Mubarak regime, as the father-in-law of a son of former president Hosni Mubarak, may have moved business away from the company, some analysts have speculated.
Shares of the company yesterday closed 1.2 per cent higher at 66 pounds on the country's benchmark EGX 30 index.
fhalime@thenational.ae
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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Company%20Profile
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Company%20Profile
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Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
Company%20profile
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BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
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BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
'Ashkal'
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Expert input
If you had all the money in the world, what’s the one sneaker you would buy or create?
“There are a few shoes that have ‘grail’ status for me. But the one I have always wanted is the Nike x Patta x Parra Air Max 1 - Cherrywood. To get a pair in my size brand new is would cost me between Dh8,000 and Dh 10,000.” Jack Brett
“If I had all the money, I would approach Nike and ask them to do my own Air Force 1, that’s one of my dreams.” Yaseen Benchouche
“There’s nothing out there yet that I’d pay an insane amount for, but I’d love to create my own shoe with Tinker Hatfield and Jordan.” Joshua Cox
“I think I’d buy a defunct footwear brand; I’d like the challenge of reinterpreting a brand’s history and changing options.” Kris Balerite
“I’d stir up a creative collaboration with designers Martin Margiela of the mixed patchwork sneakers, and Yohji Yamamoto.” Hussain Moloobhoy
“If I had all the money in the world, I’d live somewhere where I’d never have to wear shoes again.” Raj Malhotra
Kanye%20West
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Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
Confirmed%20bouts%20(more%20to%20be%20added)
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Emergency phone numbers in the UAE
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
Company%20Profile
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THE SPECS
Engine: 4.4-litre V8
Transmission: Automatic
Power: 530bhp
Torque: 750Nm
Price: Dh535,000
On sale: Now