Real estate developer SODIC’s net income rose 26% y-o-y to EGP 548 mn in 9M 2023, it said in a statement (pdf). The company’s revenues for the nine-month period rose 7% y-o-y to EGP 5 bn, driven by deliveries of East Cairo projects, namely in SODIC East and Villette’s Sky Condos.

Sales rise as company hikes prices: Gross contracted sales rose 67% y-o-y to EGP 19.8 bn despite a 20% fall in the number of units sold to less than 1.4k. The company has raised prices “significantly” this year to offset the impact of inflation. West Cairo projects accounted for 52% of the sales, followed by East Cairo projects (28%), and the company’s June development on the North Coast (20%).

(Remember: In real estate, “sales” are effectively signed contracts for new flats, while revenues is the fraction of past sales developers recognize as revenues as they hand over properties or hit construction milestones.)

The company’s deliveries in 9M 2023 declined almost 12% y-o-y, with 743 units delivered compared to 843 units delivered during the same period last year. Of the units delivered, 452 were in East Cairo, 287 were in West Cairo, and four were in the North Coast.

Looking ahead: “We are very happy to report record results showing significant growth across all key metrics, on track to deliver a very strong year,” said General Manager Ayman Amer. “During 2023 we have prioritized growing our business while safeguarding profitability, pacing our launches, and revising our pricing strategies, ensuring healthy returns on all our projects.”

MASHREQ NET INCOME DOUBLES IN 9M 2023-

Mashreq reports strong growth for the first nine months of the year: Emirati lender Mashreq’s net income rose 122% y-o-y to AED 5.8 bn in 9M 2023, according to its earnings release (pdf). The lender attributed its growth to an 82% y-o-y increase in net interest income to AED 5.6 bn, alongside a 15% rise in fee and commission income.

A strong 3Q performance: The lender’s net income jumped 89% y-o-y to AED 2.25 bn in 3Q 2023, up from AED 1.19 bn during the same period last year. Net interest income led the quarterly growth, with a 61% y-o-y jump to AED 2 bn.

Driving the growth: Mashreq has grown its loan portfolio almost 10% YTD to AED 99.3bn, while deposits saw a 16.7% YTD increase to AED 132.9 bn.

What they said: “We continue to see the benefits of our diversified business model and strong balance sheet growth and our digital strides in Pakistan and licensing in Oman usher in a new era of exciting global growth,” Group CEO Ahmed Abdelaal said.

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