Sixth of October Development and Investment Company (SODIC) has reported exceptional financial and operational performance for 2024. The company recorded EGP 50.3bn in gross contracted sales, marking a 66% year-on-year increase from EGP 30.26bn in 2023.
Sales were heavily driven by the North Coast, which accounted for 66% of total sales. The newly launched Ogami project alone contributed approximately EGP 24.5bn, representing 49% of total contracted sales. West Cairo projects accounted for 29% of total sales, led by strong demand for The Estates and The Estates Residences, which contributed 12%.
SODIC achieved a significant improvement in sales retention, with cancellations amounting to just EGP 1bn, representing 2% of total sales—down from 4% in 2023. The company also reported EGP 15bn in net cash collections, compared to EGP 11bn collected in the previous year.
Operational efficiency remained a key strength, with 1,045 units delivered in 2024—736 in East Cairo and 309 in West Cairo. Although this was slightly lower than the 1,427 units delivered in 2023, the company increased construction spending to EGP 8.5bn, compared to EGP 6.2bn in 2023.
SODIC reported revenues of EGP 9.75bn, primarily driven by East Cairo projects, which accounted for 51% of deliveries by value, with Villette alone contributing 39%. West Cairo projects contributed 49% of delivered value.
Gross profit reached EGP 5.41bn, reflecting a 52% year-on-year growth, with a 55% gross profit margin. Operating profit surged 78% year-on-year to EGP 3.31bn, with a healthy 34% operating profit margin.
Net profit after tax and non-controlling interests soared to EGP 2.53bn, reflecting an 84% increase and a 26% net profit margin, with earnings per share (EPS) of EGP 7.09.
SODIC maintained a strong liquidity position, with total cash and cash equivalents of EGP 3.4bn. The company’s bank leverage remains low, with a bank debt-to-equity ratio of 0.33x, and total outstanding bank debt at EGP 3.8bn as of year-end 2024.
Total receivables stood at EGP 83.2bn, including EGP 16.4bn in short-term receivables, providing robust cash flow visibility. The company’s backlog of unrecognized revenue reached EGP 87bn, reinforcing long-term revenue stability.
With record-breaking sales, a strong backlog, and continued investment in high-demand projects, SODIC remains well-positioned for sustained growth and profitability in Egypt’s real estate sector.
