Sixth of October Development and Investment (SODIC) reported on May 19 a sharp rise of 84% YoY in its Q1 2019 revenues, logging EGP 941 mn, compared to EGP 512 mn in the year-ago period, on the back of early handovers at one of its New Cairo projects, Invest-Gate reports.

“The strong growth in revenues was driven mainly by Villette which contributed to circa 50% of the delivered value,” read a recently released company statement, adding that its Q1 2019 consolidated net profit amounted to EGP 161 mn, recording a net profit margin of 17%, versus EGP 211 mn a year earlier.

Meanwhile, SODIC’s gross profit stood at EGP 270 mn in the reported months, with a gross profit margin of 29%, compared to EGP 266 mn during the prior-year period. The remarkably high profitability was mainly recorded on the back of a one-off sale of land for sub-development in SODIC West, along with the early phases of Villette, east Cairo, which dominates the posted value in Q1 2019.

Speaking of real estate projects marketed during the first quarter of 2019, SODIC has kicked off the first phase of Allegria Residence, a fully-finished apartment complex in SODIC West, which was fully sold a year to date. This is in addition to the second phase of SODIC’s office complex, located in Eastown District, New Cairo, the statement revealed, noting that the total value of both launches reached EGP 1 bn.

In terms of net contracted sales, SODIC recorded EGP 881 mn on the back of limited new launches, according to the statement.