SODIC Gross Contracted Sales Grows by 87%
Sixth of October Development & Investment Company “SODIC” has released its consolidated operational and financial results for the year ended 31st of December 2022
- Gross contracted sales: EGP 21.29 B, up 87% YoY;
- Cancellations: 6% of gross contracted sales;
- Cash collections: EGP 7 B;
- Timely delivery of 1,279 units;
- Revenues: EGP 7.81 B, up 13% YoY;
- Net profit after tax and non-controlling interests: EGP 520 M, down 60% YoY, delivering a net profit margin of 7%.
- Normalized net profit after tax and non-controlling interests: EGP 941 million, a YoY growth of 9%, reflecting a net profit margin of 12%.
SODIC sold 2,873 units during 2022, generating gross contracted sales of EGP 21.29 B, an increase of 87% over EGP 11.36 B of gross contracted sales recorded during 2021.
Gross contracted sales during the period were diversified between SODIC’s main markets, with West Cairo accounting for 37% of sales supported by the strong demand following the relaunch of the 464 acres project in Q4 2022, with the project generating c. EGP 3.72 B in contracted sales, 15% of SODIC’s contracted sales in 2022.
East Cairo contributed 35% of the company’s gross contracted sales on the back of robust sales on both Villette and SODIC East, which contributed 15% and 13% of the year’s sales, respectively. While continued strong performance of June led to the North Coast accounting for 29% of contracted sales during 2022.
Cancellations of EGP 1.25 B were recorded during 2022, representing 6% of the year’s gross contracted sales. This compares to a cancellation rate of 17% in 2021.
Net cash collections reached EGP 7.02 B for the period, with delinquencies at 5.1%. This compares to collections of EGP 4.95 B and a delinquency rate of 5.95% recorded during 2021.
SODIC delivered some 1,279 units during the year, of which 1,001 were in East Cairo projects, while West Cairo and North Coast projects accounted for 258 and 20 of the delivered units respectively, compared to 1,163 units delivered during the previous year.
Deliveries on the 655-acre flagship East Cairo project SODIC East started during the year, with the company delivering 439 units as of 31st of December 2022.
CAPEX spent on construction during 2022 amounted to EGP 3.21 B, compared to EGP 3.27 B spent last year.
