Sodic registers Jan-Sept sales of $96m

Cairo, October 16, 2011

Sodic, Egypt’s third-biggest listed real estate firm, registered almost 570 million Egyptian pounds ($95.6 million) worth of sales to the end of September, the firm said in a statement on Sunday.

Sodic said it would disclose a definitive sales figure, factoring in cancellations and other changes, with its financial results for the third quarter.

The high-end real estate firm, like many in Egypt's property sector, has been hit by cancellations after widening graft probes into land purchases from the government of ousted President Hosni Mubarak.

Sodic reported nine-month sales last year of 1.6 billion pounds. It was not clear if the latest figure for 2011 was net of cancellations and therefore directly comparable..Egypt's property market has been a major driver of foreign investment and growth but is now reeling from the string of legal rows over state land sales.

Sodic has not been directly implicated in land rows but the firm's former chairman, the father-in-law of Mubarak's eldest son, is facing trial for his role in a questionable land sale. – Reuters

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