Egypt: SODIC logs $17.19mln consolidated profits in 2022; contracted sales hike 87%

Egypt: SODIC logs $17.19mln consolidated profits in 2022; contracted sales hike 87%

Cairo – Six of October Development and Investment Company (SODIC) achieved consolidated net profits after tax worth EGP 525.15 million in 2022, down from EGP 865.10 million in 2021, including non-controlling equity.

Revenues hit EGP 7.81 billion in the 12-month period that ended on 31 December 2022, a 13% year-on-year (YoY) increase from EGP 6.92 billion, according to the income statements.

Furthermore, the earnings per share (EPS) plummeted to EGP 1.46 in 2022 from EGP 2.42 in 2021, while the total assets hiked to EGP 30.38 billion from EGP 26.79 billion.

Standalone Financial Results

The ADX-listed firm incurred standalone net losses after tax worth EGP 477.68 million during the January-December 2022 period, an annual surge from EGP 365.36 million.

Non-consolidated revenues enlarged to EGP 3.30 billion in 2022 from EGP 1.46 billion in 2022, whereas the loss per share widened to EGP 1.34 from EGP 1.03.

The total standalone assets reached EGP 16.30 billion as of 31 December 2022, higher than EGP 15.04 billion a year earlier.

Gross Contracted Sales

SODIC posted an 87% YoY leap in gross contracted sales to EGP 21.29 billion in 2022 from EGP 11.36 billion through the delivery of 2,873 units.

West Cairo contributed 37% of the company's sales last year, driven by the