She said SODIC Listed on the stock exchange Egypt Total contracted sales (947 units) amounted to 39.8 billion pounds, an increase of 101 percent during the first nine months of 2024, compared to the same period last year.
The total contracted sales during the period were largely driven by sales of North Coast projects, accounting for 72 percent of the total contracted sales, especially with the strong demand for the recently launched Ogami project, which alone contributed about 21.3 billion pounds to the total. Sales Contracted sales, or representing 54 percent of the total contracted sales achieved by SODIC during this period. On the other hand, West Cairo projects contributed 24 percent of the total contracted sales achieved by the company, supported by the strong sales of The Estates and The Estates Residences, which together contributed 11 percent of the total contracted sales.
The most important financial and operational numbers:
- Total profit reached 2.37 billion pounds, with a gross profit margin of 38 percent, and an increase of 33 percent compared to the same period last year.
- Operating profits during the first nine months recorded 1.22 billion pounds, with an operating profit margin of 19 percent, an increase of 75 percent compared to the same period last year.
- Net profit after taxes and non-controlling interests reached 935 million pounds, an increase of 71 percent, with a net profit margin of 15 percent, and earnings per share reached 2.62 pounds.
According to the company’s financial statements, during the third quarter of this year, SODIC recorded the highest quarterly sales, achieving 31 billion pounds, while the activity’s revenues amounted to 2.35 billion pounds, an increase of 14 percent compared to the same period last year.
Statement of financial position
SODIC continues to maintain strong liquidity, with a cash and cash equivalent balance of 3.85 billion pounds.
The company’s leverage continued to be low, reaching… Debts Banking to equity reached a level of 0.31x, and the balance of outstanding bank debts recorded 3 billion pounds on September 30, 2024. The ratio of debt to equity reached 0.37x at the end of 2023, and the balance of outstanding debts reached 3.22 billion pounds.
The balance of notes receivable amounted to 58 billion pounds, of which 13 billion pounds represent short-term notes receivable, which provides a clear view of the company’s cash flows. The financial position reflects a balance of 7.7 billion pounds, representing the balance of notes receivable in the statement of financial position, which are related to the units that were delivered only and that were recognized as revenues. As for the notes receivable associated with the units that were not delivered, they were disclosed in the notes supplementing the financial position and are not included among the items of the financial position, and their value amounted to 50 billion pounds.
The balance of unrealized revenues from contracted sales of units sold and still under development reached 82 billion pounds as of September 30, 2024, which provides a clear view of the company’s revenues.
Commenting on the distinguished financial and operational results achieved by the company, Ayman Amer, General Manager of SODIC, said: “We are pleased to announce the total contracted sales, which amounted to 39.8 billion pounds, which represents a record growth of 101 percent, driven by strong demand for “Ogami,” our latest project in The North Coast has achieved great success. Our outstanding financial results across all financial indicators are evidence of the strength of our brand and the confidence of our customers. We are also proud of achieving strong steps in the hospitality and retail sectors in 2024, which strengthens SODIC’s leadership in the entire real estate sector.”
