{"id":581496,"date":"2023-02-12T00:00:00","date_gmt":"2023-02-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/12\/sodic-revenues-up-13-y-o-y-on-record-sales-but-impact-of-deval-hits-net-income\/"},"modified":"2023-02-12T00:00:00","modified_gmt":"2023-02-12T00:00:00","slug":"sodic-revenues-up-13-y-o-y-on-record-sales-but-impact-of-deval-hits-net-income","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/12\/sodic-revenues-up-13-y-o-y-on-record-sales-but-impact-of-deval-hits-net-income\/","title":{"rendered":"SODIC revenues up 13% y-o-y on record sales but impact of deval hits net income"},"content":{"rendered":"

<\/p>\n

<\/p>\n

<\/span>SODIC reports higher revenues in 2022:<\/span> <\/span>Real estate giant SODIC\u2019s revenues <\/span>rose<\/span> <\/span>13% y-o-y to EGP 7.8 bn in 2022, <\/span>according to the company\u2019s full-year <\/span>earnings<\/a><\/span>release<\/a><\/span>(pdf)<\/a><\/span>. The increase was driven by deliveries <\/span>in East Cairo projects, with Villette Sky Condos and SODIC East accounting for a combined 50% of the developer\u2019s unit deliveries by value last year.<\/span><\/p>\n

Earnings fell as SODIC prepares for more deval-induced inflation: <\/span>The company\u2019s net <\/span>income fell 60% y-o-y to EGP 520 mn after it set aside some EGP 542 mn worth of provisions \u201cfor the potential future impact of the recent currency devaluation, which has impacted development costs across the industry, on the company\u2019s future revenue backlog,\u201d the release reads. Setting those provisions aside, normalized net income would have come in at EGP 941 mn \u2014 down some <\/span>14%<\/span> from <\/span>2021 (pdf)<\/a><\/span>.<\/span> <\/span><\/p>\n

REMEMBER- <\/span>Real estate players have seen their margins squeezed as the devaluation of the EGP and import difficulties on the back of an FX crunch send raw materials prices soaring. The government is granting developers a 20% deadline extension on their projects, part of a basket of measures to help <\/span>soften the blow<\/a><\/span> to the sector<\/span>.<\/span> <\/span><\/p>\n

Sales rocketed<\/span> <\/span>in terms of both number and value of units sold: <\/span>SODIC\u2019s<\/span> gross contracted sales <\/span>almost doubled<\/span> to <\/span>a r<\/span>eco<\/span>rd <\/span>EGP 21.3 bn in 2022<\/span> on the back <\/span>of a 65% increase<\/span> in unit sales<\/span>. West Cairo contributed 37% of the sales, buoyed by <\/span>the relaunch<\/a><\/span>of its Karmell residential pr<\/a><\/span>oject<\/a><\/span> in 4Q 2022. East Cairo accounted for 35% of gross contracted sales while the North Coast generated the <\/span>remainder<\/span>.<\/span><\/p>\n

SOUND SMART- For more real estate companies, sales \u2260 revenues.<\/span> 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.<\/span><\/p>\n

This is SODIC\u2019s first set of full-year results since it was acquired by our Emirati neighbors. <\/span>The UAE\u2019s Aldar and ADQ <\/span>together acquired<\/a><\/span> 85<\/span>.5<\/span>% of SODIC in late 2021 for EGP 6.1 bn.<\/span><\/p>\n

SPEAKING OF WHICH- Aldar Properties reported a record AED 3.1 bn in <\/span>net <\/span>income in 2022<\/span> on revenues<\/span> of AED 11.2 bn, according to the company\u2019s <\/span>earnings release (pdf)<\/a><\/span>. Aldar Development saw its revenues rise 38% y-o-y to AED 7 bn, buoyed in part by SODIC\u2019s contribution, along with new project launches and higher inventory sales, according to the release. <\/span><\/p>\n

Aldar Development\u2019s overall sales nearly doubled y-o-y to hit AED 14.4 bn in 2022<\/span> \u2014 the <\/span>company\u2019s highest-ever figure for annual sales \u2014 \u201cdriven by strong demand for existing inventory and new development launches.\u201d The group\u2019s development revenue backlog also almost tripled to AED 17.6 bn, \u201cproviding strong visibility on the group\u2019s revenue across both the UAE and Egypt with revenue recognition expected over the next 2-3 years.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

SODIC reports higher revenues in 2022: Real estate giant SODIC\u2019s revenues rose 13% y-o-y to EGP 7.8 bn in 2022, according to the company\u2019s full-year earningsrelease(pdf). The increase was driven by deliveries in East Cairo projects, with Villette Sky Condos and SODIC East accounting for a combined 50% of the developer\u2019s unit deliveries by value […]<\/p>\n","protected":false},"author":1,"featured_media":581497,"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":[215,409,72,83,312],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-581496","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-aldar-properties","tag-earnings-watch","tag-enterpriseam","tag-real-estate","tag-sodic","wpautop","entry"],"acf":{"mongo_id":"a51754a1-b015-4ac1-a457-2cd0ab3159f2","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/1\/1600-SODIC.jpg","photo_position":"below","homepage_title":"","full_issue_title":"","related_issue":[581481],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/2\/.7ab91c1d-87e2-4999-af39-faf7230e2c2f.mp3"},"yoast_head":"\nSODIC revenues up 13% y-o-y on record sales but impact of deval hits net income - 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\/2023\/02\/12\/sodic-revenues-up-13-y-o-y-on-record-sales-but-impact-of-deval-hits-net-income\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SODIC revenues up 13% y-o-y on record sales but impact of deval hits net income\" \/>\n<meta property=\"og:description\" content=\"SODIC reports higher revenues in 2022: Real estate giant SODIC\u2019s revenues rose 13% y-o-y to EGP 7.8 bn in 2022, according to the company\u2019s full-year earningsrelease(pdf). The increase was driven by deliveries in East Cairo projects, with Villette Sky Condos and SODIC East accounting for a combined 50% of the developer\u2019s unit deliveries by value […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/12\/sodic-revenues-up-13-y-o-y-on-record-sales-but-impact-of-deval-hits-net-income\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-12T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/1\/1600-SODIC.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\/2023\/02\/12\/sodic-revenues-up-13-y-o-y-on-record-sales-but-impact-of-deval-hits-net-income\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/12\/sodic-revenues-up-13-y-o-y-on-record-sales-but-impact-of-deval-hits-net-income\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"SODIC revenues up 13% y-o-y on record sales but impact of deval hits net income\",\"datePublished\":\"2023-02-12T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/12\/sodic-revenues-up-13-y-o-y-on-record-sales-but-impact-of-deval-hits-net-income\/\"},\"wordCount\":481,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/12\/sodic-revenues-up-13-y-o-y-on-record-sales-but-impact-of-deval-hits-net-income\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2021\/1\/1600-SODIC.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Aldar Properties\",\"earnings watch\",\"EnterpriseAM\",\"real estate\",\"SODIC\"],\"articleSection\":[\"EARNINGS WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/12\/sodic-revenues-up-13-y-o-y-on-record-sales-but-impact-of-deval-hits-net-income\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/12\/sodic-revenues-up-13-y-o-y-on-record-sales-but-impact-of-deval-hits-net-income\/\",\"name\":\"SODIC revenues up 13% y-o-y on record sales but impact of deval hits net income - 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Revenues for the quarter doubled y-o-y to EGP 1 bn as net contracted\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":581496,"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":546057,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/26\/earnings-watch-sodic-idh-fawry-obour-land\/","url_meta":{"origin":581496,"position":3},"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":591180,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/01\/aldar-net-income-up-52-y-o-y-in-2q-2023\/","url_meta":{"origin":581496,"position":4},"title":"Aldar net income up 52% y-o-y in 2Q 2023","author":"enterpriseam admin","date":"1 August 2023","format":false,"excerpt":"The company reported record quarterly sales for the second time in 2023","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\/2023\/5\/300.jpg?fit=%2C&ssl=1&resize=350%2C200","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":581496,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/581496","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=581496"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/581496\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/581481"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/581497"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=581496"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=581496"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=581496"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=581496"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=581496"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}