SODIC reported record-breaking Q3 2024 results, with gross contracted sales of EGP 39.8 bn in the first nine months, marking a 101% year-on-year increase, Invest-Gate reports.

This achievement was primarily driven by SODIC’s latest North Coast development, “Ogami,” which contributed EGP 21.3 bn, representing 54% of SODIC’s total contracted sales.

Moreover, sales remained strong across other regions, with West Cairo projects such as The Estates and Estates Residences contributing 24%. Cancellations were limited to just 1.2% of gross sales, showcasing SODIC’s growing appeal among investors and homebuyers.

Also, SODIC recorded EGP 6.28 bn in revenue, a 26% rise year-on-year, and a net profit after tax of EGP 935 mn, marking a 71% increase. The company delivered 755 units across its East and West Cairo projects and invested EGP 5.3 bn in construction.

Furthermore, SODIC’s balance sheet remains strong, with cash reserves of EGP 3.85 bn and total receivables at EGP 58 bn. Key corporate highlights include partnerships with luxury brands Nobu and Marriott, expanding SODIC’s hospitality offerings in Cairo and the North Coast.

“We are proud to announce record-breaking gross contracted sales of EGP 39.8 bn, representing a remarkable growth of 101% year-on-year, driven by the robust demand for our newest North Coast development, ‘Ogami,’ which was met with record-breaking success,” said Ayman Amer, General Manager of SODIC.

“Our strong performance across all financial metrics is a testament to the strength of our brand and the confidence our customers have in our ability to create value for them consistently. We are proud to have made strong strides in our hospitality and retail platforms in 2024, further strengthening our customer experience, which continues to set SODIC apart,” Amer added.