SODIC Records 87% Yoy Growth In Net Profit, 35% Increase In Revenues, And 34% Rise In Gross Sales

2024-07-29 04:22:11

(MENAFN- Daily News Egypt) Sixth of October Development and Investment Company (SODIC) has released its consolidated financial results for the six months ended 30 June 2024.

During this period, SODIC sold 361 units, generating gross contracted sales of EGP 10.93bn, a 34% increase from EGP 8.17bn in the first half (H1) of 2023.

Gross contracted sales were diversified across SODIC's main markets. West Cairo accounted for 58% of sales, driven by strong demand for the 464 acres project and The Estates, which contributed approximately EGP 5.3bn, or 49% of SODIC's contracted sales in H1 2024. North Coast projects contributed 36% of gross contracted sales, bolstered by robust sales in June, which made up 22% of sales. East Cairo accounted for 6% of contracted sales in H1 2024.

Cancellations amounted to EGP 253m, representing 2% of the year's gross contracted sales, compared to a 10% cancellation rate in H1 2023.

Net cash collections reached EGP 6bn, with delinquencies at 6%, compared to collections of EGP 4bn and a 5% delinquency rate in H1 2023.

SODIC delivered 478 units in the first six months of the year, with 324 units in East Cairo projects and 154 units in West Cairo. This compares to 402 units delivered in the first half of the previous year.

CAPEX on construction amounted to EGP 3bn, up from EGP 2bn in H1 2023.

Revenues for the period were EGP 3.94bn, a 35% increase from EGP 2.92bn in the same period last year. Deliveries in West Cairo projects accounted for 51% of SODIC's deliveries by value. The Estates and SODIC West projects in West Cairo accounted for 24% and 23% of the value delivered, respectively, together representing 47% of the total value of deliveries. East Cairo contributed 49% of the delivered value.

Gross profit was EGP 1.41bn, with a gross profit margin of 36%, reflecting a 26% YoY growth.

Operating profit for H1 was EGP 714m, with an operating profit margin of 18%, growing 77% YoY.

Net profit after tax and non-controlling interests was EGP 626m, with a net profit margin of 16% and earnings per share of EGP 1.76.

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