Sixth of October Development and Investment Company (Sodic) posted EGP91 mllion ($12.6 million) net profit for the first half of the year, on the back of strong sales and a replenished land bank.

The key milestones achieved included the growing of Sodic’s land bank, facilitating the sale of October Property Development to Ripplewood Holdings of a 9.4 per cent stake in the company and initiating capital increase procedures.

Sodic has settled all outstanding legal disputes, adding about 1.1 million sq m of prime land to its unutilised land bank, said a statement.

The company also secured 1.26 million sq m of land in New Cairo in the New Urban Communities Authority’s (NUCA) last auction, bringing Sodic’s total undeveloped land in Egypt to 3.6 million sq m.

It recorded EGP635 million in revenues for the first half of the year, displaying a 39 per cent year-on-year (YOY) growth and a gross profit of EGP232 million, up 58 per cent.


It also achieved higher than targeted deliveries with 223 units worth EGP644 million during the period, as against 212 units worth EGP426 million in the same period last year, a growth of five and 51 per cent respectively.

Sodic recorded net contracted sales of EGP1.6 billion, on the back of the launch and near selling out of Westown Residences phase X and Eastown Residences Phases V and VI which contributed EGP501 million and EGP541 million respectively to the first half’s results. The year-to-date gross contracted sales stood at EGP1.8 billion.

Ahmed Badrawi, managing director, said “The first half of 2014 has proven to be an exceptional one on all fronts. We are very enthusiastic about this coming phase and look forward to a new era of dynamic growth.” - TradeArabia News Service