SODIC’s consolidated profits jump 82% in 2024; contracted sales hit EGP 50.3B
Updated 2/9/2025 10:47:00 AM
Arab Finance: Sixth of October Development and Investment Company (SODIC) generated 82% year-on-year (YoY) higher net profits attributable to the equity holders of the parent company in 2024, according to the financial results.
Net profits after tax and non-controlling interest hit EGP 2.527 billion in 2024, compared to EGP 1.373 billion in 2023.
Total operation revenues dropped to EGP 9.754 billion last year from EGP 10.329 billion in 2023, while the earnings per share (EPS) climbed to EGP 7.09 from EGP 3.85.
Meanwhile, the standalone net profits after tax plunged to EGP 87.062 million in 2024 from EGP 456.360 million in 2023.
Non-consolidated total operating revenues dropped to EGP 3.240 billion in 2024 from EGP 4.462 billion at the end of December in the previous year. Standalone EPS fell to EGP 0.24 from EGP 1.28.
Ayman Amer, General Manager of SODIC, commented: "Our record-breaking gross contracted sales of EGP 50.3 billion, reflecting a 66% YoY increase, were driven by strong demand for our newly launched North Coast project, Ogami, which contributed to c. EGP 24.5 billion in total sales, while net profit increased by 84% YoY, recording EGP 2.53 billion.”
In the first nine months of 2024, SODIC reported a 70.67% YoY hike in consolidated profit attributable to the parent company to EGP 934.553 million, versus EGP 547.573 million.
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