{"id":550440,"date":"2022-10-27T03:59:00","date_gmt":"2022-10-27T03:59:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/27\/sodic-net-income-up-19-in-3q-2022\/"},"modified":"2022-10-27T03:59:00","modified_gmt":"2022-10-27T03:59:00","slug":"sodic-net-income-up-19-in-3q-2022","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/27\/sodic-net-income-up-19-in-3q-2022\/","title":{"rendered":"SODIC net income up 19% in 3Q 2022"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a><strong> Real estate developer SODIC\u2019s bottom line rose 19% y-o-y in 3Q 2022 <\/strong>to EGP 142 mn, according to the company\u2019s <a href=\"https:\/\/ent.news\/2022\/10\/SODIC-ER-3Q-2022.pdf\">earnings release (pdf)<\/a>. Revenues for the quarter came in at EGP 1.92 bn, up 33% thanks to accelerating deliveries at its SODIC East and Villette developments.<\/p>\n<p><strong>It was a stellar quarter for SODIC: <\/strong>Our friends at the upmarket developer saw a big increase in third-quarter gross contracted sales in terms of both number and value of units sold. Gross contracted sales for the quarter more than tripled from a year ago, reaching EGP 5.1 bn, according to our math, up from <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/96b08241-98ef-497c-a1ad-7b6803c97a8e\">EGP 1.63 bn in 3Q 2021<\/a>. The company sold 717 units during the July-September period, compared to 196 a year ago. SODIC delivered 381 units during the quarter (317 in its East Cairo projects, 63 in its West Cairo projects, and only one in its North Coast projects).<\/p>\n<p><strong>And a record 9M:<\/strong> SODIC reported a record EGP 11.8 bn in gross contracted sales in the first nine months of the year. The company\u2019s North Coast developments contributed 44% of total sales, while East Cairo accounted for 31% and West Cairo 25%.<\/p>\n<p><strong>REMEMBER-<\/strong> For real estate companies, sales \u2260 revenues. Most book a sale when you sign a contract to buy a home, but only record (some or all of) the value of the unit they sold you when they (a) deliver the unit to you or (b) hit a percentage of completion on a project.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 for SODIC: Our friends [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":550441,"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":[409,72,83,312],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-550440","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-earnings-watch","tag-enterpriseam","tag-real-estate","tag-sodic","wpautop","entry"],"acf":{"mongo_id":"407ea9f3-3dcb-45ad-8b23-831b8ff10d0a","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/10\/351.jpg","photo_position":"above","related_issue":[550427],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>SODIC net income up 19% in 3Q 2022 - 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\/10\/27\/sodic-net-income-up-19-in-3q-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SODIC net income up 19% in 3Q 2022\" \/>\n<meta property=\"og:description\" content=\"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 for SODIC: Our friends [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/27\/sodic-net-income-up-19-in-3q-2022\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-10-27T03:59:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/351.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=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/27\/sodic-net-income-up-19-in-3q-2022\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/27\/sodic-net-income-up-19-in-3q-2022\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"SODIC net income up 19% in 3Q 2022\",\"datePublished\":\"2022-10-27T03:59:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/27\/sodic-net-income-up-19-in-3q-2022\/\"},\"wordCount\":237,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/27\/sodic-net-income-up-19-in-3q-2022\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/351.jpg?fit=%2C&ssl=1\",\"keywords\":[\"earnings watch\",\"EnterpriseAM\",\"real estate\",\"SODIC\"],\"articleSection\":[\"EARNINGS WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/27\/sodic-net-income-up-19-in-3q-2022\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/27\/sodic-net-income-up-19-in-3q-2022\/\",\"name\":\"SODIC net income up 19% in 3Q 2022 - 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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 &quot;EARNINGS WATCH&quot;","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":614771,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/07\/sodics-bottomline-jumps-164-in-2023\/","url_meta":{"origin":550440,"position":1},"title":"SODIC\u2019s bottomline jumps 164% in 2023","author":"enterpriseam admin","date":"7 February 2024","format":false,"excerpt":"SODIC\u2019s gross contracted sales hit a record high for the year","rel":"","context":"In &quot;EARNINGS WATCH&quot;","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\/2\/499.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":598260,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/20\/earnings-watch-sodic-profits-dip-in-1q2019\/","url_meta":{"origin":550440,"position":2},"title":"Earnings Watch: SODIC profits dip in 1Q2019","author":"enterpriseam admin","date":"20 May 2019","format":false,"excerpt":"EARNINGS WATCH- SODIC profits dip in 1Q2019: SODIC\u2019s 1Q2019 net profits fell 24% y-o-y to EGP 161 mn from EGP 211 mn, the real estate developer said in its earnings release (pdf). Revenues rose 84% to EGP 941 mn from EGP 512 mn last year. The company\u2019s net contracted sales\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":586015,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/03\/sodic-posts-higher-revenues-in-1q-2023-while-inflation-impacts-sales\/","url_meta":{"origin":550440,"position":3},"title":"SODIC posts higher revenues in 1Q 2023 while inflation impacts sales","author":"enterpriseam admin","date":"3 May 2023","format":false,"excerpt":"Company pauses sales amid soaring inflation","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/164.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544550,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/09\/sodics-net-income-up-89-y-o-y-for-4q2021\/","url_meta":{"origin":550440,"position":4},"title":"SODIC\u2019s net income up 89% y-o-y for 4Q2021","author":"enterpriseam admin","date":"9 March 2022","format":false,"excerpt":"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,\u2026","rel":"","context":"In &quot;EARNINGS WATCH&quot;","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\/3\/110.jpg?fit=%2C&ssl=1&resize=350%2C200","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":550440,"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 &quot;EARNINGS WATCH&quot;","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\/550440","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=550440"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/550440\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/550427"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/550441"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=550440"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=550440"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=550440"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=550440"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=550440"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}