{"id":544550,"date":"2022-03-09T03:32:54","date_gmt":"2022-03-09T03:32:54","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/09\/sodics-net-income-up-89-y-o-y-for-4q2021\/"},"modified":"2022-03-09T03:32:54","modified_gmt":"2022-03-09T03:32:54","slug":"sodics-net-income-up-89-y-o-y-for-4q2021","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/09\/sodics-net-income-up-89-y-o-y-for-4q2021\/","title":{"rendered":"SODIC\u2019s net income up 89% y-o-y for 4Q2021"},"content":{"rendered":"

<\/a> Real estate giant SODIC\u2019s net income nearly doubled during 4Q 2021<\/strong>, rising 89% y-o-y to EGP 518 mn, according to the company\u2019s latest earnings release (pdf<\/a>)<\/a>. Revenues rose 81% for the quarter to record EGP 3.6 bn. For the full year, net income was up 5% to EGP 860 mn, while revenues rose 24% to EGP 6.9 bn.<\/p>\n

What drove the growth? <\/strong>Strong revenue growth in both the fourth quarter and the full year was driven by deliveries at East Cairo projects, which made up 84% of deliveries by value in the fourth quarter, and three-quarters of deliveries by value over the year. But the surge in revenues didn\u2019t fully trickle down to SODIC\u2019s bottomline in 2021, as margins were impacted by \u201cone-off costs\u201d and a \u201csharp decline\u201d in net finance income due to lower interest rates.<\/p>\n

REMEMBER- <\/strong>For real estate companies, sales \u2260 revenues.<\/strong> They 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.<\/p>\n

Sales: <\/strong>SODIC sold 928 units with a gross contracted sales value of almost EGP 6 bn during the fourth quarter, marking a 59% y-o-y increase in the number of units sold and an 81% rise in sales value. The company set new annual records for both number and value of units sold in 2021, selling 1.7k units for a total EGP 11.4 bn \u2014 up 54% in value on 2020. The growth came despite the temporary suspension of sales at the company\u2019s New Zayed project in West Cairo, after the Housing Ministry decided to move<\/a> it to a new location.<\/p>\n

SODIC is under new management:<\/strong> The release is the SODIC\u2019s first since an Emirati consortium of real estate giant Aldar Properties and Abu Dhabi sovereign wealth fund ADQ acquired 85.5% of the company<\/a> for EGP 6.1 bn in December. The Aldar-ADQ consortium \u201chas communicated its objective to advance SODIC\u2019s position as a leading national developer by scale and reputation, growing the company\u2019s portfolio of mixed-use residential communities in Greater Cairo, the North Coast, and other major markets,\u201d the release read.<\/p>\n

\n

Arabian Cement returns to the black:<\/strong> Arabian Cement recorded net income of EGP 52 mn in 4Q 2021 after posting a EGP 78 mn in the same quarter in 2020, according to the company\u2019s latest earnings release (pdf)<\/a>. Revenues were up 44% to EGP 774 mn during the October-December period as market prices began to recover from an extended supply glut<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Real estate giant SODIC\u2019s net income nearly doubled during 4Q 2021, rising 89% y-o-y to EGP 518 mn, according to the company\u2019s latest earnings release (pdf). Revenues rose 81% for the quarter to record EGP 3.6 bn. For the full year, net income was up 5% to EGP 860 mn, while revenues rose 24% to […]<\/p>\n","protected":false},"author":1,"featured_media":544551,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7208],"tags":[1236,1002,302,409,72,83,312],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-544550","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-arabian-cement","tag-cement","tag-earnings","tag-earnings-watch","tag-enterpriseam","tag-real-estate","tag-sodic","wpautop","entry"],"acf":{"mongo_id":"63ba03e0-bbcf-4f0b-bea2-59e58b9e61c5","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/3\/110.jpg","photo_position":"above","related_issue":[544541],"teaser":"","voice_url":""},"yoast_head":"\nSODIC\u2019s net income up 89% y-o-y for 4Q2021 - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/09\/sodics-net-income-up-89-y-o-y-for-4q2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SODIC\u2019s net income up 89% y-o-y for 4Q2021\" \/>\n<meta property=\"og:description\" content=\"Real estate giant SODIC\u2019s net income nearly doubled during 4Q 2021, rising 89% y-o-y to EGP 518 mn, according to the company\u2019s latest earnings release (pdf). 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For the full year, net income was up 5% to EGP 860 mn, while revenues rose 24% to […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/09\/sodics-net-income-up-89-y-o-y-for-4q2021\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-03-09T03:32:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/110.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/09\/sodics-net-income-up-89-y-o-y-for-4q2021\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/09\/sodics-net-income-up-89-y-o-y-for-4q2021\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"SODIC\u2019s net income up 89% y-o-y for 4Q2021\",\"datePublished\":\"2022-03-09T03:32:54+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/09\/sodics-net-income-up-89-y-o-y-for-4q2021\/\"},\"wordCount\":421,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/09\/sodics-net-income-up-89-y-o-y-for-4q2021\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/110.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Arabian Cement\",\"cement\",\"earnings\",\"earnings watch\",\"EnterpriseAM\",\"real estate\",\"SODIC\"],\"articleSection\":[\"EARNINGS WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/09\/sodics-net-income-up-89-y-o-y-for-4q2021\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/09\/sodics-net-income-up-89-y-o-y-for-4q2021\/\",\"name\":\"SODIC\u2019s net income up 89% y-o-y for 4Q2021 - 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The increase was driven by deliveries in East Cairo projects, with Villette Sky Condos and SODIC East accounting for a combined 50% of the\u2026","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/1\/1600-SODIC.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":593060,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/17\/earnings-watch-sodic-telecom-egypt-tmg-amer-group\/","url_meta":{"origin":544550,"position":1},"title":"Earnings watch: SODIC, Telecom Egypt, TMG, Amer Group","author":"enterpriseam admin","date":"17 November 2019","format":false,"excerpt":"EARNINGS WATCH- SODIC\u2019s 3Q2019 net profits came in at EGP 168 mn, with a profit margin of 12%, the company said in an earnings statement (pdf) on Thursday. Revenues for the quarter more than doubled y-o-y to EGP 1.4 bn with net contracted sales recording EGP 614 mn, dropping y-o-y\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":548177,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/28\/sodic-reports-54-increase-in-new-sales-in-2q2022\/","url_meta":{"origin":544550,"position":2},"title":"SODIC reports 54% increase in new sales in 2Q2022","author":"enterpriseam admin","date":"28 July 2022","format":false,"excerpt":"Upmarket real estate developer SODIC reported (pdf) 51% y-o-y growth in revenues to EGP 1.54 bn in 2Q2022 on the back of higher deliveries at its East Cairo projects. SODIC\u2019s bottom line declined 46% in the same period due to deliveries from the first phases of SODIC East, which accounted\u2026","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":550440,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/27\/sodic-net-income-up-19-in-3q-2022\/","url_meta":{"origin":544550,"position":3},"title":"SODIC net income up 19% in 3Q 2022","author":"enterpriseam admin","date":"27 October 2022","format":false,"excerpt":"Real estate developer SODIC\u2019s bottom line rose 19% y-o-y in 3Q 2022 to EGP 142 mn, according to the company\u2019s earnings release (pdf). Revenues for the quarter came in at EGP 1.92 bn, up 33% thanks to accelerating deliveries at its SODIC East and Villette developments.It was a stellar quarter\u2026","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/351.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546057,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/26\/earnings-watch-sodic-idh-fawry-obour-land\/","url_meta":{"origin":544550,"position":4},"title":"Earnings Watch: SODIC, IDH, Fawry, Obour Land","author":"enterpriseam admin","date":"26 April 2022","format":false,"excerpt":"Real estate giant SODIC\u2019s bottom line more than doubled y-o-y in 1Q 2022 to reach EGP 226 mn, according to the company\u2019s earnings release (pdf). Revenues for the quarter came in at EGP 1.19 bn, rising 40% y-o-y.Meanwhile, our friends at the upmarket real estate developer delivered record first-quarter gross\u2026","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":635303,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/29\/sodics-net-income-rises-87-y-o-y-in-1h-2024\/","url_meta":{"origin":544550,"position":5},"title":"SODIC\u2019s net income rises 87% y-o-y in 1H 2024","author":"enterpriseam admin","date":"29 July 2024","format":false,"excerpt":"Gross contracted sales rose 34% y-o-y to EGP 10.9 bn during 1H 2024","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/7\/2255.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/544550","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=544550"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/544550\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/544541"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/544551"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=544550"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=544550"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=544550"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=544550"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=544550"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}