SODIC’s gross contracted sales grow 67% YoY in 9 months: Egypt

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Sixth of October Development and Investment Company (SODIC) reported a 67% year-on-year (YoY) hike in gross contracted sales for the first nine months of 2023, recording EGP 19.8 billion from EGP 11.8 billion, according to an earnings release for the third quarter (Q3) of 2023.

The growth in contracted sales was driven by the sale of 1,396 units during the nine-month period.

East Cairo projects accounted for 28% of gross contracted sales, while West Cairo projects made up 52% of the sales.

Moreover, net cash collections stood at EGP 7.2 billion at the end of September 2023, with delinquencies at 3.23%.

The cancellation rate recorded 5% in the first nine months of 2023, with cancellations hitting EGP 995 million, compared to a cancellation rate of 8% in the year-ago period.

SODIC also reported a 26.31% year-on-year increase in consolidated net profit after tax attributable to the parent company for the first nine months of 2023, according to the company’s financial statements filed to the Egyptian Exchange (EGX).

Net profits rose to EGP 547.573 million during the January-September period of 2023 from EGP 433.516 million in the same period a year earlier.

The firm registered EGP 241.740 in standalone net profits after tax, versus net losses amounting to EGP 162.850 million.

Established in 1996, SODIC is a mixed-use developer listed on the EGX, with a portfolio of diversified projects across Egypt, particularly in Cairo and the North Coast.