SODIC records 32% increase in sales during 2019

Six of October Development and Investment (SODIC) recorded  sales of 7.3 billion Egyptian pounds with a 32 percent increase YoY compared to sales of  5.5 billion Egyptian pounds for the same period a year earlier.

Sales were mainly driven by the strong performance of SODIC’s projects in core markets West & East Cairo. West Cairo projects contributed to 59 percent of gross sales in 2019 with VYE & The Estates being the main engines of growth for the year.

Net profits attributable to equity holders grew 60 percent to 719 million pounds in 2019 reflecting a margin of 13 percent.

SODIC recorded revenues of 5,329 million pounds during the full year 2019 compared to 3,726 million pounds rduring the same period last year, reflecting a strong growth of 42 percent mainly driven by deliveries in East Cairo projects Villette and Eastown.

Moreover, the real estate developer revealed plans to generate  8.4 billion pounds  in gross contracted sales during 2020, up by 15 percent  from 7.3 billion pounds  in 2019, according to Managing Director, Maged Sherif.

He added that nearly 1,150 units are expected to be delivered with a value of  5 billion pounds  noting that the company is set to invest  3.7 billion pounds in its projects during 2020.