SODIC has posted exceptional results for 2024, reporting a record EGP 50.3 bn in gross contracted sales, marking a 66% year-on-year increase from EGP 30.26 bn in 2023, Invest-Gate reports. Net profit surged by 84% to EGP 2.53 bn, reflecting the company’s operational efficiency and strong market demand.

North Coast projects dominated sales, contributing 66% of total contracted sales. The newly launched Ogami project alone generated EGP 24.5 bn, accounting for nearly half of total sales. West Cairo projects, led by The Estates and Estates Residences, represented 29% of sales.

SODIC recorded EGP 1 bn in cancellations, representing just 2% of total sales, a notable improvement from 4% in 2023. Meanwhile, net cash collections reached EGP 15 bn, compared to EGP 11 bn the previous year.

The company delivered 1,045 units in 2024, 736 in East Cairo and 309 in West Cairo, demonstrating continued construction progress. SODIC’s capital expenditure on construction was EGP 8.5 bn, up from EGP 6.2 bn in 2023.

Revenue for the year reached EGP 9.75 bn, slightly down from EGP 10.33 bn in 2023. However, gross profit rose to EGP 5.41 bn, reflecting a 55% margin and a 52% year-on-year increase.

Commenting on the results, SODIC’s General Manager, Ayman Amer, stated, “Our record-breaking EGP 50.3 bn in sales and an 84% rise in net profit demonstrate the strength of our brand and customer trust. The success of Ogami in the North Coast played a key role, contributing EGP 24.5 bn in sales. Our consistent growth across financial and operational metrics reflects our commitment to delivering world-class projects and expanding in retail and hospitality. We look forward to another strong year ahead.”