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SODIC’s gross contracted sales surge 77% YoY in 6 months

SODIC’s gross contracted sales surge 77% YoY in 6 months

Arab FinanceSixth of October Development and Investment Company (SODIC) (OCDI) reported a 77% year-on-year (YoY) growth in gross contracted sales during the first half (H1) of 2022, registering EGP 6.67 billion, according to a press release on July 27th.

The company collected EGP 2.96 billion in net cash during H1 2022, up from EGP 2.47 billion in the same period a year earlier.

In the first six months of the year, SODIC delivered 464 units, in its East Cairo, West Cairo, and North Coast projects.

On the other hand, cancellations amounted to EGP 682 million in the January-June period, making up 10% of gross contracted sales, compared to a cancellation rate of 9% in the year-ago period.

“Cancellations were negatively affected by cancellations of EGP 501 million on our 500 acres project due to its temporary suspension, with the project accounting for 76% of the cancellations during the period,” the company commented.

Capital expenditure (CAPEX) for construction in H1 2022 registered EGP 1.29 billion, down from EGP 1.48 billion in H1 2021.

It is worth noting that SODIC’s consolidated profit excluding minority interest grew to EGP 291.73 million in H1 2022 from EGP 222.59 million in H1 2021.

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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