SODIC finishes the year strong: Upmarket real estate developer SODIC saw its net income surge 164% y-o-y in 2023 to hit EGP 1.4 bn, it said in a statement(pdf). Revenues rose 32% y-o-y to EGP 10.3 bn as the company ramped up deliveries in East Cairo and West Cairo projects.

Gross contracted sales hit a new high, logging EGP 30.3 bn, a 42% increase from 2022. West Cairo accounted for 51% of the sales amid a strong demand for the 464 Acres and the Estates projects. East Cairo and North Coast comprised 32% and 17% of the contracted sales, respectively.

SOUND SMART- In real estate, sales ≠ revenues. With off-plan sales dominating the industry, most real estate companies book a sale when you sign a contract to buy a home. But they only record (some or all) of the value of the unit it sold you when it (a) delivers the unit to you or (b) hits a percentage completion on a total project. In most cases, then, revenues are composed of sales from past periods, while sales in a given quarter will be recognized as revenues in the future when units are completed or delivered.

What they said: “We are very happy to report a strong set of results with growth across all operational and financial metrics. The focus this year was on achieving growth while ensuring healthy and profitable sales,” General Manager Ayman Amer said.

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