Sixth of October Development & Investment Company (SODIC) has released its consolidated financial results for the year ending on December 31, 2023, Invest-Gate reports.
During 2023, SODIC sold 1,984 units, resulting in gross contracted sales of EGP 30.26 bn. This represents a 42% increase compared to the EGP 21.29 bn recorded in 2022.
The gross contracted sales were well-diversified among SODIC’s main markets. Sales in West Cairo accounted for 51% of the total, driven by strong demand for the 464 Acres project and the Estates project, contributing approximately EGP 12.9 bn in contracted sales, which represents 43% of SODIC’s total contracted sales in 2023.
East Cairo accounted for 32% of gross contracted sales, primarily due to robust sales in SODIC East, which contributed 16% to the year’s sales. The North Coast accounted for 17% of contracted sales during 2023.
During the year, cancellations amounted to EGP 1.1 bn, representing 4% of the gross contracted sales for the year. This cancellation rate is lower than the 6% recorded in 2022.
Net cash collections for the period reached EGP 10.5 bn, with delinquencies at 2.2%. This compares to EGP 7 bn in collections and a delinquency rate of 5.1% recorded in 2022.
SODIC delivered a total of 1,427 units during the year, with 911 units delivered in East Cairo projects, 511 units in West Cairo projects, and five units in North Coast projects. This represents an increase compared to the 1,279 units delivered in the previous year. Deliveries for the 655-acre flagship East Cairo project, SODIC East, began in 2022, with the company delivering 431 units in 2023.
In 2023, CAPEX spent on construction amounted to EGP 6 bn, compared to EGP 3 bn spent in the previous year.
Ayman Amer, SODIC’s General Manager, commented on the results, stating, “We are delighted to report strong results with growth across all operational and financial metrics. Our focus this year was on achieving growth while ensuring healthy and profitable sales. We have expanded our landbank with two new plots on the North Coast, further enhancing our successful projects in this key market.”
