Sixth of October Development and Investment Company (Sodic) has recorded EGP 108 mn in net profit, marking a 38% year-on-year increase in the third quarter of 2016, according to an earnings release from the company on Tuesday.
The company also earned EGP 530 mn in revenues during the same quarter, up 74% over the same period last year, with revenues over the last nine months recording EGP 1.1 bn, reflecting delivery of the first phases of Eastown Residences.
The company managed to sell 95% of its offered projects this year, with bank facilities reaching EGP 2.2 bn with the company using only 60% of the financing, according to Magued Sherif, SODIC’s Managing Director, Al Borsa reported.
There are plans to deliver 935 units by the end of 2016, while the company has already delivered 588 units in the third quarter of 2016. The company increased its units’ prices by 20% to 30% last Thursday, due to the pound flotation according to Sherif.
Sodic expects to achieve its sales plan for this year, predicting that its joint project with Heliopolis for Housing & Development will encourage further revenues.