Sixth of October Development & Investment Company “SODIC” releases its operational results for 2020, with gross contracted sales rose 2% YoY to reach a new record of EGP 7.4 bn, Invest-Gate reports.
The new record includes 1,361 units sold with residential sales growing 19% YoY, with a value of EGP 7.2 bn in 2020. Non-residential sales accounted for 3% of SODIC’s gross contracted sales in 2020 versus 17% in 2019, according to a recent company press release.
“The company’s proven track record, strong financials, and disciplined approach have allowed us to overcome this difficult year. We are very pleased to deliver a strong set of results, which comes as a testament to SODIC’s credibility and leadership in the market,” Magued Sherif CEO of SODIC Comments.
Moreover, SODIC’s strong legacy in West Cairo drove solid sales in its next-generation projects namely The Estates, VYE, and the most recently launched Karmell, with West Cairo accounting for 61% of gross contracted sales in 2020. East Cairo projects contributed 39% of the year’s gross contracted sales, mainly driven by Villette and SODIC East, the statement reveals.