Egyptian real estate developer Sodic posts a revenue of EGP 1.17 bn (USD 65.9 mn) during the first half of the fiscal year 2017/2018, reflecting a year-on-year (y-o-y) increase of 88%, Invest-Gate reports .
The strong performance was driven by timely deliveries in Eastown Residences and Westown Residences, a statement released by the company said. The two projects represented 54% and 29% of the delivered value, respectively.
Net profit jumped 130% y-o-y, reaching EGP 340 mn. This compares to EGP 148 mn for the same period last year. Net profit margin reached 29%, this compares to 24% for the same period last year.
Sodic delivered 614 units across eight projects in the first half of the year more than double the 302 units delivered during the same period last year. Deliveries witnessed an increase of 103% y-o-y, with Eastown Residences and Westown Residences constituting 63% and 30% of the delivered units, respectively.