Sixth of October for Development and Investment Company’s (SODIC) sales contracts jumped by 22% to EGP 8.17bn during the first half (1H) of this year, compared to EGP 6.67bn in 1H 2022.
The company’s West Cairo projects accounted for 52% of the total contracted sales, with a continued strong demand for its new 464-feddan project which single-handedly contributed 32% of the total contracted sales during 1H 2023.
SODIC’s projects in East Cairo contributed 34% of the total contracted sales during 1H 2023, thanks to the high demand for the recently launched Villette, which alone contributed to 21% of the company’s sales.
SODIC’s JUNE project in the North Coast, which contributed 15% of the total contracted sales during the first six months of the year, saw great demand for its recently launched units.
SODIC’s profits increased by 15.5% during the first half of this year, reaching EGP 341.7m, compared to EGP 295.7m during the same period last year.
The company’s revenues increased during the first half of this year to EGP 2.91bn, compared to EGP 2.73bn during the same period last year.
Ayman Amer, the company’s general manager, said that despite limited launches during the first half of the year, and significant price increases to offset the impact of inflation, the company was able to achieve record sales in the first half.
He added that the first half of the year was characterized by a great performance of SODIC, especially by adding 620 feddans to the company’s land portfolio in the North Coast, which is an important market for the company. This helped the company achieve outstanding financial results. “We look forward to continuing strong and distinguished performance during the second half of the year,” he added.
The statement indicated that, on 15 May 2023, the company acquired 180 feddan located directly south of the Caesar project in the North Coast. Moreover, SODIC plans to launch a new project in that area later this year.
It also signed a partnership contract to develop 440 feddan in the North Coast. The project will be established on that plot, and is expected to achieve EGP 80bn worth of sales.
Net cash receipts during the first half of the year amounted to EGP 4.06bn, with a default rate of 4.5%, compared to net cash receipts of EGP 2.93bn and a default rate of 8.2% recorded during the same period in 2022.
SODIC delivered about 402 units in the first six months of 2023, of which 212 units were in East Cairo projects. The number of units delivered in the West Cairo and North Coast projects reached 189 and one unit, respectively, compared to 463 units delivered during the same period of last year.
