Sixth of October Development and Investment Company (SODIC) achieves a 27% YoY growth in consolidated net profit after tax during the first nine months of 2022, which amounts to EGP 434 mn, Invest-Gate reports.
The company’s operating profit reaches EGP 603 mn in the nine months that end on September 30th, while gross contracted sales surge 119% YoY to EGP 11.8 bn.
Cancellations record 8% of contracted sales, aggravated by EGP 576 mn cancellations on SODIC’s 464-acre project in New Zayed due to the project’s temporary suspension.
Cash collections register EGP 4.37 bn, while revenues soar 40% YoY to EGP 4.65 bn.
In the January-September period, SODIC delivers around 845 units in East Cairo, West Cairo, and North Coast Projects.
Furthermore, gross profit jumps to EGP 1.48 bn in the period that ends on September 30th 2022, up 40% from the same period in 2021.
