Sixth of October Development and Investment Company (SODIC) has released its consolidated financial results for the first nine months of 2024.
SODIC reported robust financials with gross contracted sales reaching EGP 39.8bn, marking a 101% year-over-year increase and a low cancellation rate of 1.2%. Net cash collections amounted to EGP 11bn, alongside the timely delivery of 755 units. Revenues rose by 26% to EGP 6.28bn, with a gross profit of EGP 2.37bn, up 33%, reflecting a gross profit margin of 38%. Operating profit increased by 75% to EGP 1.22bn, yielding a 19% margin. Net profit after tax and non-controlling interests climbed 71% to EGP 935m, with a net profit margin of 15%.
SODIC sold 947 units during the first nine months, generating gross contracted sales of EGP 39.77bn, an increase of 101%, more than double last year’s recorded EGP 19.78bn in gross contracted sales during the same period.
Gross contracted sales during the period were heavily driven by North Coast sales, accounting for 72% of total sales, led by the strong demand for the newly launched project Ogami which contributed EGP 21.3bn in contracted sales, representing 54% of SODIC’s contracted sales in 9M 2024. West Cairo projects contributed 24% of the company’s gross contracted sales on the back of robust sales in The Estates & Estates Residences, which contributed 11% of sales.
Cancellations of EGP 464m were recorded during the period, representing 1.2% of the year’s gross contracted sales, an all-time low in cancellations, a testament to the strong demand for SODIC projects. This compares to a cancellation rate of 5% during 9M 2023.
Net cash collections reached EGP 11bn for 9M period, with delinquencies at 3.7%. This compares to collections of EGP 7bn and a delinquency rate of 3.2% recorded during the same period last year.
SODIC delivered some 755 units during the first nine months of the year, of which 509 were in East Cairo projects, while West Cairo accounted for 246 of the units delivered. This compares to 743 units delivered during the previous year’s first nine months.
