EARNINGS WATCH- Our friends at SODIC reported a 130% y-o-y increase in consolidated net profit to EGP 340 mn in 1H2017. Revenues increased by 88% y-o-y to EGP 1.173 bn. The surge in revenues was driven by a 103% y-o-y rise in deliveries in 1H2017. “Net contracted sales for the six months stood at EGP 2 [bn], up 7% [y-o-y] and on track to achieving our target for the year of EGP 5.6 [bn],” the statement read. Managing Director Magued Sherif said, “SODIC today is reaping the benefits of our land bank expansion strategy that began in 2014, delivering solid year on year growth and record levels of revenues and earnings.” Sherif said strong sales momentum continued in the second quarter with the high-end apartment offering Sky Condos in Villette. “The launch was met with strong demand for this differentiated product,” he said. SODIC East will be launched in 2H2017 and the company will begin its revenue share development in New Heliopolis. Sherif also confirmed the company’s guidance for the year.

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