Egypt’s SODIC says contracted sales grew to EGP 7.4 billion in 2020

Egyptian real estate developer SODIC said on Sunday its contracted sales rose 2 percent year-on-year to 7.4 billion Egyptian pounds ($470.7 million) during 2020, representing 1,361 units.

Residential sales increased by 19 percent year-on-year to 7.2 billion pounds in 2020, the company added in a bourse filling.

Non-residential sales constituent 3 percent of SODIC’s gross contracted sales in 2020, compared to 17 percent in 2019.

Sales exceeded SODIC’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 1 billion pounds to SODIC’s sales target of 8.4 billion pounds.

The company’s projects in West Cairo represented 61 percent of total contracted sales in 2020, while East Cairo projects made up 39 percent of gross contracted sales, mainly driven by Villette and SODIC East.

Cancellations accounted for 14 percent 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 537.84 million pounds, compared to 506.09 million pounds in the prior-year period, including minority shareholders’ rights.