Egypt: SODIC achieves $970mln in gross contracted sales, up by 42% YoY

Egypt: SODIC achieves $970mln in gross contracted sales, up by 42% YoY

Egypt - Sixth of October Development and Investment Company (SODIC) achieved revenues of EGP 10.33bn in 2023, representing a 32% increase compared to EGP 7.81bn in 2022.

Revenues were mainly driven by deliveries in East Cairo projects, which accounted for 56% of SODIC’s deliveries by value during the year.

East Cairo projects V Residence, SODIC East, and EDNC accounted for 20%, 15%, and 12% of the value delivered during the year, respectively, together representing 47% of the total value of deliveries. West Cairo and North Coast projects contributed 43% and 1% of the delivered value, respectively, in 2023.

Gross profit reached EGP 3.57bn, implying a gross profit margin of 35%. Gross profits recorded a 32% growth over 2022, compared to a gross profit margin of 28% in 2022, expanding 650 bps YoY.

Operating profit of EGP 1.86bn was recorded in 2023, reflecting an operating profit margin of 18%, growing 187% YoY.

Net profit after tax and non-controlling interests came in at EGP 1.37bn, implying a net profit margin of 13% and EPS of EGP 3.85.

Balance Sheet

SODIC maintained a strong liquidity position with total cash and cash equivalents amounting to EGP 2.66bn.

Bank leverage remained low, with bank debt to equity standing at 0.37x. Bank debt outstanding