Sodic, one of the region’s leading real estate development companies, has reported net consolidated revenues of EGP327 million ($47 million), thus posting an increase of 152 per cent quarter-on-quarter.

Sodic concluded an operationally and commercially solid second quarter including a record sales launch of the first three phases of Eastown Residences, with more than 600 units sold with some EGP 870 million in sales, said a statement from the company..

The launched phases were part of the residential component of the Eastown project in New Cairo owned by Soreal - a 100 per cent Sodic-owned company, the statement added.

This contributed to record new contracted six months gross sales of EGP1.81 billion, with minor cancellations in first half of 2013 taking net contracted first half sales to EGP 1.64 billion, surpassing Full Year 2012 net contracted sales of EGP 1.61 billion.  

Sodic attributed the growth in revenues to the increased deliveries of Kattameya Plaza and Allegria in the second quarter, which reached 100 units and 64 units respectively.

This brings the  total of Allegria deliveries to more than 880 units since deliveries began in 2010. Consequently the first half of the year saw 212 units delivered worth EGP437 million, the statement from Sodic said.

Deliveries are expected to ramp-up during the second half of the year on the back of delivery of multiple projects (Forty West, The Polygon, The Strip, Casa and Westown Residences) and are expected to only be mildly affected by the interruptions due to the curfew and political events.

The second quarter gross profit stood at EGP 99 million implying a gross profit margin of 30 per cent while Sodic’s net margins increased to 13 per cent in Q2 Vs. 5 per cent in the previous quarter as revenues and gross profit increased significantly, it stated.

Sodic said its strong 2013 year-to-date sales performance signals 2013 to be a record year for the company in spite of the political and macroeconomic challenges.-TradeArabia News Service