SODIC’s gross contracted sales see 22% YoY increase in H1
Updated 7/30/2023 10:24:00 AM
Arab Finance: Sixth of October Development and Investment Company (SODIC) recorded gross contracted sales of EGP 8.17 billion in the first half (H1) of 2023, up by 22% from EGP 6.67 billion in H1 2022, as per the company’s recent Earning Release.
The increase in gross contracted sales was driven by SODIC’s robust sales as it sold 674 units in the six months to June 30th.
The company’s consolidated net profits attributable to the parent company rose 14.9% year on year (YoY) in H1 2023 to EGP 335.083 million, compared to EGP 291.730 million, according to the financial statements.
Operating revenues grew to EGP 2.915 billion in H1 2023, up from EGP 2.731 billion over the same half of last year.
Meanwhile, the company recorded standalone net profits after tax of EGP 182.575 million in the six-month period, against EGP 118.657 million in loss during H1 2022.
Standalone revenues surged to EGP 1.917 billion from January through June 2023, up from EGP 1.103 billion during the same months of 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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