Egypt’s SODIC inks $460mn of sales contracts since beginning of 2015

Egypt’s property developer SODIC (OCDI.CA) has signed sales contracts worth 3.6 billion Egyptian pounds (US$460 million) since the beginning of 2015, surpassing last year’s full-year total.

SODIC, or Sixth of October Development and Investment Company, targets high-income consumers and sells housing units starting at 1.3 million pounds.

The company, Egypt’s third-largest listed property developer, is targeting sales of 4.1 billion pounds this year, up from 3 billion in 2014. Demand for new housing remains strong and the sector has resilient despite political turmoil.

Additionally, the company’s net profit has increased by 111.9 percent in the first 9 months of 2015.

The consolidated financial statement revealed that the company has achieved 9-momnh net profit after taxes of 232.5 million pounds, versus 109.7 million pounds the previous year.

The company’s land bank has reached 3.5 million square metres, he added. It owes the New Urban Communities Authority (NUCA), a government housing body, 2.7 billion pounds which it will pay back over six years, Reuters reported.

SODIC will start a new development project in the first half of 2016 on land it bought from the government, Sherif said. The company said in September it had won a NUCA auction for a 30.76 feddan piece of land worth 221 million pounds.