Sodic’s contracted sales surged 87% YoY to EGP 21.29 bn in 2022, Invest-Gate reports.
The company sold 2,873 units over the year, reflecting success in its three main markets; West Cairo, East Cairo, and North Cairo.
Sales in East and West Cairo accounted for 37% and 35%, respectively, while North Coast made up 29% of contracted sales in 2022.
Cancellations reached a value of EGP 1.25 bn during 2022, representing 6% of the year’s gross contracted sales. This is compared to a cancellation rate of 17% during 2021.
Net cash collections amounted to EGP 7.02 bn for the period, with delinquencies standing at 5.1%.
SODIC delivered some 1,279 units during 2022, including 1,001 in East Cairo, while West Cairo and North Coast projects account for 258 and 20 of the delivered units, respectively.
CAPEX spent on construction during 2022 hits EGP 3.21 bn, down from EGP 3.27 bn in 2021.