SODIC sees strong growth in 1H 2024: Real estate developer SODIC saw its net income rise 87% y-o-y to EGP 626 mn in the first half of the year, it said in its latest earnings release (pdf). Revenues rose 35% y-o-y to EGP 3.9 bn during the period, as the company ramped up deliveries in East Cairo and West Cairo projects.

Gross contracted sales rose 34% y-o-y to EGP 10.9 bn during 1H 2024. West Cairo accounted for 58% of the sales. North Coast projects accounted for 36% of the company’s total contracted sales for the six-month period, while sales in East Cairo accounted for only 6% of sales.

On a quarterly basis: SODIC’s revenues grew 48% y-o-y to EGP 2.1 bn during 2Q 2024, while its net income rose 59% y-o-y to EGP 235 mn.

What they said: “Sales have grown by 34% despite the limited launches in the first quarter as we remain committed to delivering profitable sales and sustainable growth,” general manager Aymen Amer said. “The robust demand for our projects is reflected in the demand for our launches and the significant drop in cancellations underscores the strength of our brand and the resilience of the Egyptian market.”

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