SODIC gross contracted sales grow 87% YoY

SODIC gross contracted sales grow 87% YoY

Cairo, Egypt, Sixth of October Development & Investment Company “SODIC” has released its consolidated operational and financial results for the year ended 31st of December 2022.

- Gross contracted sales: EGP 21.29 billion, up 87% YoY;

- Cancellations: 6% of gross contracted sales;

- Cash collections: EGP 7.0 billion;

- Timely delivery of 1,279 units;

- Revenues: EGP 7.81 billion, up 13% YoY;

- Net profit after tax and non-controlling interests: EGP 520 million, down 60% YoY, delivering a net profit margin of 7%.

- Normalized net profit after tax and non-controlling interests: EGP 941 million, a YoY growth of 9%, reflecting a net profit margin of 12%

Operational Review;

SODIC sold 2,873 units during 2022, generating gross contracted sales of EGP 21.29 billion, an increase of 87% over EGP 11.36 billion of gross contracted sales recorded during 2021.

Gross contracted sales during the period were diversified between SODIC’s main markets, with West Cairo accounting for 37% of sales supported by the strong demand following the relaunch of the 464 acres project in Q4 2022, with the project generating c. EGP 3.72 billion in contracted sales, 15% of SODIC’s contracted sales in 2022. East Cairo contributed 35% of the company’s gross contracted sales on the back of robust sales on