Cairo – Mubasher: Six of October Development and Investment (SODIC) achieved contracted sales of EGP 7.4 billion in 2020, representing 1,361 units, registering a 2% year-on-year (YoY) increase.

Residential sales rose by 19% YoY to EGP 7.2 billion last year, the company said in a bourse disclosure on Sunday.

Meanwhile, non-residential sales made up 3% of SODIC’s gross contracted sales in 2020, compared to 17% in 2019.

Sales exceeded the company’s target after excluding Malaaz as its launch was postponed to 2021 due to delays in the issuance of permits in the North Coast region.

The project was planned to contribute about EGP 1 billion to SODIC’s sales target of EGP 8.4 billion.

SODIC’s projects in West Cairo represented 61% of total contracted sales last year, while East Cairo projects made up 39% of gross contracted sales, mainly driven by Villette and SODIC East.

Cancellations accounted for 14% of SODIC’s gross contracted sales in 2020 due to the coronavirus pandemic.  

During the first nine months of 2020, SODIC reported net profits of EGP 537.84 million, compared to EGP 506.09 million in the prior-year period, including minority shareholders’ rights.