SODIC’s gross contracted sales hike 87% YoY in 2022
Updated 2/9/2023 12:15:00 PM
Arab Finance: Sixth of October Development and Investment company (SODIC) has recorded gross contracted sales of EGP 21.29 billion in 2022, surging by 87% from EGP 11.36 billion in 2021, according to the company’s earning release issued on February 8th.
The company recorded a consolidated net profit after tax and non-controlling interests of EGP 520 million in 2022, down from EGP 860 million in 2021.
In 2022, the company’s consolidated revenues amounted to EGP 7.81 billion in 2022, compared to EGP 6.92 billion in 2021.
The leading real estate developer has sold a total of 2,873 units last year.
Sales in West Cairo accounted for 37% of 2022 gross contracted sales, backed by the robust demand for the 464 project which was relaunched in the fourth quarter (Q4) of the year.
The 464 project alone accounted for 15% of SODIC’s contracted sales in 2022, generating EGP 3.72 billion.
Villette and SODIC East ramped up sales in East Cairo last year to contribute 35% to the contracted sales.
Meanwhile, the North Coast market made up 29% of contracted sales in 2022.
Cancellations reached EGP 1.25 billion last year, with a cancellation rate of 6% of gross contracted sales.
Net cash collections stood at EGP 7.02 billion in 2022, with delinquencies at 5.1%.
Related News
