Sixth of October for Development and Investment Company (SODIC) has recorded contracted sales of EGP 7.3 bn in 2019, with a growth of 32% year-on-year (YoY), Invest-Gate reports.

The company targets gross contracted sales EGP 8.4 bn with a growth of 15%, in 2020, according to a press release published on February 26.

SODIC’s Managing Director Magued Sherif clarified during a press conference held on the same day that “the company has a solid balance sheet,” highlighting the rise in the annual revenues by 42% to EGP 5.329 bn and gross profits of EGP 1.466 bn.

The company expects to deliver some 1,150 units with an estimated value of EGP 5 bn, while expenditure on construction is projected to reach EGP 3.7 bn.

He revealed the company’s upcoming strategy of keeping prime non-residential assets to contribute to generating recurring income, and SODIC’s projects have achieved maturity, he added.    

Commenting on the easing monetary policy adopted by the Central Bank of Egypt (CBE), Sherif said that each interest cut by 1% lowers debt service costs by EGP 2.5 mn, which is a better situation for developers and investors.

Last October, SODIC announced awarding construction contracts worth over EGP 300 mn for its SODIC East, the company’s largest development in east Cairo.