The Sixth of October for Development and Investment Co. (SODIC) posted nearly EGP 2 billion net sales for the first nine months of 2014, mainly due to the sale of 901 units.
The real estate developer added that its net sales neared EGP 435 million in the third quarter of 2014, rising 34% compared with the same period of last year.
SODIC said in a press release that these strong sales were driven by the launch of the seventh phase of Eastown Residence which was completely sold. This phase contributed EGP 353 million to the company’s total sales to date.
The company added that the net sales have reached EGP 2.3 billion since the beginning of 2014.
The nine-month consolidated financial indicators showed that net profit rose 37% to EGP 109.7 million, compared with EGP 79.9 million in the same period a year earlier.
The company’s revenues totaled EGP 896.8 million, compared with EGP 756.5 million in the first nine months of FY13.
Meanwhile, standalone financial results for the same period indicated a fall by 55% in net profit to EGP 45.7 million, from EGP 100.7 million in the year-ago period.
SODIC had posted EGP 90.5 million net profit in H1-14, compared with EGP 49.1 million in H1-13.