Sixth of October Development & Investment Company “SODIC” has released its financial results for the three months ended March 31, 2021, Invest-Gate reports.

SODIC achieves in 1Q 2021 gross contracted sales of EGP 1.85 bn, up 114% YoY, residential sales 1.83 bn of gross contracted sales, up 117% YoY with cancellations 8% of gross contracted sales, net Cash collections EGP 1.23 bn with revenues EGP 849 mn, up 60% YoY, according to a company press release on June 1.

The company has also achieved a gross profit of EGP 282 mn, recording a gross profit margin of 33% and operating profit of EGP 129 mn, reflecting an operating profit margin of 15%. And net profit after tax and non-controlling interests EGP 100 mn, delivering a net profit margin of 12%, the statement reads.

Gross contracted sales for the quarter recorded EGP 1.85 bn, representing 333 units sold, mainly generated from residential sales; an increase of 114% over EGP 865 mn, representing 205 units for the first quarter of 2020, the statement continues.

SODIC’s newest West Cairo project Karmell had the most significant contribution to gross contracted sales, generating 35% of the quarter’s sales. Other West Cairo projects contributed a further 27%, mainly driven by the strong performance of SODIC’s signature project, The Estates. East Cairo projects, led by SODIC East and Villette, represented 38% of gross contracted sales during the quarter, the statement reveals.

Cancellations of EGP 147 mn were recorded during Q1 2021, representing 8% of the quarter’s gross contracted sales. This compares to a cancellation rate of 22% during the first quarter of 2020.Net cash collections reached EGP 1.23 bn for the period, with delinquencies at 10.9%. This compares to collections of EGP 986 mn and a delinquency rate of 11.2% recorded during the same period in 2020, the statement elaborates.

SODIC delivered some 120 units during the first quarter of the year. East Cairo projects, namely Eastown Residences and Villette, accounted for 60 of the delivered units, while West Cairo and North Coast projects accounted for 52 and 8 of total deliveries respectively. This compares to 100 units delivered across all projects during Q1 2020.CAPEX spent on construction during the first quarter amounted to EGP 776 mn, compared to EGP 950 mn spent during the same quarter last year, the statement concludes.