SODIC achieves record H1 gross contracted sales of EGP 6.67bln

SODIC achieves record H1 gross contracted sales of EGP 6.67bln

Cairo, Egypt:Sixth of October Development & Investment Company “SODIC” has released its consolidated financial results for the six months ended 30th of June 2022.

Operational & Financial Highlights:

- Gross contracted sales EGP 6.67 billion, up 77% YoY

- Cancellations 10% of gross contracted sales

- Cash collections EGP 2.96 billion

- Timely delivery of 464 units

- Revenues EGP 2.73 billion, up 46% YoY

- Gross profit: EGP 941 million, up 44% YoY, reflecting a gross profit margin of 34%

- Operating profit: EGP 387 million, up 33% YoY, implying an operating profit margin of 14%

- Net profit after tax and non-controlling interests EGP 292 million, up 31% YoY, delivering a net profit margin of 11%

Operational Review;

SODIC sold 1,018 units during the first six months of 2022, generating gross contracted sales of EGP 6.67 billion, an increase of 77% over EGP 3.76 billion of gross contracted sales recorded during the first half of 2021 and an achievement of 48% of the company’s 2022 gross contracted sales target of EGP 14 billion, with the company targeting a growth of 23% over FY2021 sales.

Gross contracted sales during the period were diversified between SODIC’s main markets, with West Cairo accounting for 29% of sales mainly driven by the newest project,