SODIC’s sales more than triple in 1H on broad-based demand

Real estate developer SODIC reported a 201% y-o-y increase in gross contracted sales to EGP 23.5 bn during the first half of 2026, driven by strong demand across its projects, the company said in its earnings release (pdf). Revenue rose 25% y-o-y to EGP 6 bn — led by deliveries at its West Cairo projects, with the VYE development alone accounting for 41% of delivered value — while net cash collections increased 18% to EGP 10.2 bn. Net income fell 36% y-o-y to EGP 834 mn from EGP 1.3 bn a year earlier, with the squeeze following a delivery-heavy half which typically carries lower margins.

Deliveries surged during the period: SODIC handed over 557 units in 1H 2026, up 78% y-o-y, with North Coast projects accounting for 302 units, followed by West Cairo with 192 units and East Cairo with 63 units. Construction spending increased 8% y-o-y to EGP 5.3 bn as the developer continued to ramp up execution across its portfolio.

A healthy backlog: Despite the decline in earnings, SODIC ended the period with EGP 116 bn in unrecognized revenue, which the release says will provide strong visibility over future revenue recognition while maintaining a low debt-to-equity ratio of 0.66x.

What they said: SODIC General Manager Ayman Amer pointed to growth across revenues, deliveries, sales, and collections, and flagged the launch of the first Nobu Residences in Egypt — part of its Ogami development on the North Coast, built with Aldar Properties and Nobu — and the opening of Nobu New Cairo as key milestones during the period.