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SODIC logs EGP 525m consolidated profits in 2022; contracted sales hike 87%

SODIC logs EGP 525m consolidated profits in 2022; contracted sales hike 87%
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Cairo – Mubasher: Six of October Development and Investment Company (SODIC) achieved consolidated net profits after tax worth EGP 525.15 million in 2022, down from EGP 865.10 million in 2021, including non-controlling equity.

Revenues hit EGP 7.81 billion in the 12-month period that ended on 31 December 2022, a 13% year-on-year (YoY) increase from EGP 6.92 billion, according to the income statements.

Furthermore, the earnings per share (EPS) plummeted to EGP 1.46 in 2022 from EGP 2.42 in 2021, while the total assets hiked to EGP 30.38 billion from EGP 26.79 billion.

Standalone Financial Results

The EGX-listed firm incurred standalone net losses after tax worth EGP 477.68 million during the January-December 2022 period, an annual surge from EGP 365.36 million.

Non-consolidated revenues enlarged to EGP 3.30 billion in 2022 from EGP 1.46 billion in 2022, whereas the loss per share widened to EGP 1.34 from EGP 1.03.

The total standalone assets reached EGP 16.30 billion as of 31 December 2022, higher than EGP 15.04 billion a year earlier.

Gross Contracted Sales

SODIC posted an 87% YoY leap in gross contracted sales to EGP 21.29 billion through the delivery of 2,873 units in 2022 from EGP 11.36 billion.

West Cairo contributed 37% of the company's sales last year, driven by the strong demand following the relaunch of the 464-acre scheme in the fourth quarter (Q4) of 2022. The project generated EGP 3.72 billion in contracted sales, equivalent to 15% of the aggregated value.

Meanwhile, East Cairo accounted for 35% of the gross contracted sales due to the major deals on both Villette and SODIC East, which represented 15% and 13% of the total sales value, respectively.

Additionally, the strong performance registered in June 2022 made the North Coast contribute 29% of the total contracted sales.

Magued Sherif, Managing Director of SODIC, noted: “We are proud to deliver an excellent set of results for the year 2022, having almost doubled our sales and grown SODIC’s market share in East Cairo and the North Coast.”

In the first nine months (9M) of 2022, SODIC registered EGP 438.74 million consolidated net profits, compared to EGP 346.95 million in 9M-21, including minority interest.