SODIC’s consolidated profit climbs 70.67% YoY in 9 months
Updated 10/29/2024 9:55:00 AM
Arab Finance: Sixth of October Development and Investment Company (SODIC) reported a 70.67% year-on-year (YoY) hike in consolidated profit attributable to the parent company during the first nine months of 2024, according to financial statements filed to the Egyptian Exchange (EGX) on October 29th.
The company’s consolidated profit excluding minority interest rose to EGP 934.553 million in the January-September period this year from EGP 547.573 million during the same period last year.
Total operating revenues soared to EGP 4.736 billion in the nine-month period of 2024 from EGP 4.124 billion during the first nine months of 2023.
Meanwhile, SODIC achieved standalone net profits after tax of EGP 156.779 million in the nine months to September 30th, down from EGP 241.740 million.
The company's gross contracted sales amounted to EGP 39.77 billion during the first nine months, up by 101% from EGP 19.78 billion in the same period last year, as per an emailed press release.
SODIC sold 947 units during this period, with North Coast sales accounting for 72% of total sales, led by the high demand for Ogami project which contributed EGP 21.3 billion in contracted sales.
Established in 1996, SODIC is a mixed-use developer listed on the EGX, with a portfolio of diversified projects across Egypt, particularly in Cairo and the North Coast.
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