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SODIC's unit inks EGP 600m facility with AUB

SODIC's unit inks EGP 600m facility with AUB
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Cairo – Mubasher: Six of October For Development and Real Estate Projects (SOREAL), a wholly-owned subsidiary of Six of October Development and Investment (SODIC), has inked an EGP 600 million discounting facility agreement.

The agreement was signed with Ahli United Bank (AUB) for receivables representing future instalments for delivered units in SODIC’s East Cairo project, Eastown Residences, according to a press release on Tuesday.

This step reflects SODIC's credibility and strong financial and operational performance.

The CEO of SODIC, Omar Elhamawy, said: "This agreement comes in line with SODIC’s continuous efforts to diversify our funding sources to enable growth and support ongoing operations while maintaining the strength and liquidity of our balance sheet and financial position."

It is noteworthy to mention that in 2021, SODIC reported a 4.73% year-on-year (YoY) rise in its consolidated net profits to EGP 865.1 million from EGP 825.95 million.