SODIC’s profits fell 36% to 347 million pounds in 9 months

Sixth of October Development and Investments – SODIC recorded total contracted sales growth of 32% in the first nine months of 2021, reaching EGP 5.4 billion, compared to EGP 4.1 billion in the comparative period. 817 units in its projects during the period.

The company’s consolidated financial statements showed a 36% drop in earnings in the first 9 months of 2021 to £ 346.9 million, compared to a profit of £ 549.4 million in the first 9 months of 2020.

The company’s revenues fell 8% to reach £ 3.3 billion in the January to September period, compared to £ 3.5 billion during the comparable period last year.

The company explained that the decline in revenue is a result of the drop in deliveries, noting that delivery dates for most units fall during the last quarter of quest’year.

SODIC projects in West Cairo reached 51% of total contracted sales in the period, with the support of the strong and continuing performance of “The Estates” project, which contributed 23% of total contracted sales, and East Cairo projects contributed 49% to support the significant increase in sales of “SODIC East”, which alone contributed 25%.

The company added that sales cancellations amounted to £ 869 million during the nine months, representing 16% of total contract sales, compared to sales cancellations of 20% in the next period.

Net proceeds in the nine months were £ 3.6 billion. default rate of 9%, against collections of 3.1 billion EGP and a default rate of 9% recorded in the same period of 2020.

The company delivered 570 units, including 225 units in the SODIC projects in West Cairo, and delivered 328 and 17 units in the company’s East and North Coast projects, compared to 786 units delivered during the comparable period last year.

The company explained that, despite the slight decrease in the number of units delivered in 2021, compared to the number of units delivered in 2020, the average value of units delivered questyear increased by 31% to reach 5 million EGP.

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