SODIC reports record nine months gross contracted sales of EGP 11.8bln

SODIC reports record nine months gross contracted sales of EGP 11.8bln

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

Operational & Financial Highlights

- Gross contracted sales EGP 11.8 billion, up 119% YoY

- Cancellations 8% of gross contracted sales

- Cash collections EGP 4.37 billion

- Timely delivery of 845 units

- Revenues EGP 4.65 billion, up 40% YoY

- Gross profit: EGP 1.48 billion, up 40% YoY, reflecting a gross profit margin of 32%

- Operating profit: EGP 603 million, up 29% YoY, implying an operating profit margin of 13%

- Net profit after tax and non-controlling interests EGP 434 million, up 27% YoY, delivering a net profit margin of 10%

Operational Review;

SODIC sold 1,735 units during the first nine months of 2022, generating gross contracted sales of EGP 11.8 billion, an increase of 119% over EGP 5.39 billion of gross contracted sales recorded during the first nine months of 2021.

Gross contracted sales during the period were diversified between SODIC’s main markets, with West Cairo accounting for 25% of sales mainly driven by The Estates Residences which was launched in the first quarter of the year and has generated 10% of SODIC’s gross contracted sales during the first nine months of 2022.