SODIC records EGP 429m revenues for 1Q 2020

SODIC records EGP 429m revenues for 1Q 2020

The company said that total gross profits reached EGP 114m during 1Q 2020, implying a gross profit margin of 26%, compared to EGP 270m and a margin of 29% during 1Q 2019.. SODIC's operating profits came in at EGP 36m, reflecting an operating profit margin of 8% for the quarter.. Commercial sales contributed only 2.6% to the company's gross contracted sales during 1Q 2020, versus 33% of gross contracted sales during the same period last year.. SODIC's home market developments in West Cairo contributed 70% of the company's sales for the quarter driven by the strong performance of VYE project, the company's newest project.. Cancellations were recorded at 22% of gross sales in 1Q 2020, compared to the 12% recorded in 1Q 2019.. Receivables remain at EGP 13.1bn providing strong cash flow visibility, of which EGP 3.9bn are short term receivables.. Client deposits as at the end of 1Q 2020 amounted to EGP 18.4bn, providing strong revenue visibility for the company, the company disclosed..