Arab Finance: Sixth of October Development and Investment Company (SODIC) has generated gross contracted sales of EGP 30.26 billion in 2023, rising by 42% year-on-year (YoY) from EGP 21.29 billion, according to the company's latest earnings release.

This surge was driven by the sale of 1,984 units last year.

Moreover, SODIC reported a 164.01% year-on-year (YoY) leap in consolidated profit attributable to the parent company during 2023, according to financial statements filed to the Egyptian Exchange (EGX).

The company’s consolidated profit excluding minority interest dropped to EGP 1.373 billion in 2023 from EGP 520.058 million in 2022.

Total operating revenues soared to EGP 10.329 billion last year from EGP 7.810 billion in 2022.

Meanwhile, SODIC achieved standalone net profits after tax of EGP 456.360 million, versus net losses of EGP 477.689 million in 2022.

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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