Egypt’s SODIC inks $495mn sales contracts


Egypt’s real estate developer SODIC signed sales contracts worth 4.4 billion Egyptian pounds (US$ 495.5million) during the financial year ended in December 2015, according to a source.
SODIC , or Sixth of October Development and Investment Company revenues for the period reached 1.47 billion Egyptian pounds, while its net profit registered 321.331 million Egyptian pounds from 154.339 million in 2014. The company, Egypt’s third-largest listed property developer, reported standalone net profits of EGP 213.2 million compared to net profits of EGP 61.522 a year earlier.
Sodic’s ‘s net profit has increased by 119 % during the first nine months of 2015. It registered, according to consolidated financial result, net profit after taxes of 232 million Egyptian pounds higher from 109.7 million in the same period last year. SODIC acquired three land plots in 2015, adding a total of 3.3m sqm to the company’s land bank and bringing SODIC’s undeveloped land bank to 6m sqm.

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