SODIC reports record sales in 2024 fueled by Ogami project: Our friends at SODIC logged record gross contracted sales of EGP 50.3 bn in 2024, up 66% y-o-y, on the back of strong demand for the North Coast project Ogami, according to the developer’s latest earning release (pdf). Meanwhile, the company’s net income after tax and minority interest climbed 84% y-o-y to EGP 2.53 bn last year, doubling its annual net income margin to 26%.

The Ogami project accounted for almost 50% (some EGP 24.5 bn) of total sales, despite launching later in the year. West Cairo projects sales accounted for another 29% of sales. The uptick in sales dwarfed project cancellations valued at EGP 1 bn, or 2% of contracted sales for the year, showing a 50% y-o-y decline.

REMEMBER- Sodic broke ground on its 440-acre Ogami development in Ras El Hekma in September. The hospitality project was planned by the DLR Group and includes a Nobu hotel, restaurant, and residences, alongside 800 meters of pristine beachfront.

What they said: “Our record-breaking gross contracted sales were driven by strong demand for our newly launched North Coast project, Ogami … This remarkable achievement underscores our commitment to delivering world-class projects, supported by our recent strong strides in retail and hospitality,” General Manager Ayman Amer said.

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