{"id":586015,"date":"2023-05-03T00:00:00","date_gmt":"2023-05-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/03\/sodic-posts-higher-revenues-in-1q-2023-while-inflation-impacts-sales\/"},"modified":"2023-05-03T00:00:00","modified_gmt":"2023-05-03T00:00:00","slug":"sodic-posts-higher-revenues-in-1q-2023-while-inflation-impacts-sales","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/03\/sodic-posts-higher-revenues-in-1q-2023-while-inflation-impacts-sales\/","title":{"rendered":"SODIC posts higher revenues in 1Q 2023 while inflation impacts sales"},"content":{"rendered":"

SODIC reports lower income, higher revenues in 1Q 2023:<\/span> Our friends at upmarket real <\/span>estate developer SODIC saw their bottom line fall 17% y-o-y in 1Q 2023 to EGP 187 mn, <\/span>according to the company\u2019s latest <\/span>earnings release (pdf)<\/a><\/span>. Revenues for the quarter rose 26% y-o-y to EGP 1.5 bn. <\/span><\/p>\n

Economic headwinds hit sales:<\/span> Gross contracted sales fell 25% y-o-y during the quarter after rising construction costs prompted the company to temporarily halt sales <\/span>in early 2023 as it revisited its pricing strategy amid rising construction costs<\/span>, it said in the release. SODIC sold 274 units during the quarter, amounting to EGP 2.78 bn in gross contracted sales. This is down from EGP 3.74 bn in 1Q 2022.<\/span><\/p>\n

More price changes to come? <\/span>\u201cGoing forward SODIC will periodically review its selling prices as it seeks to balance maximizing sales with managing cost inflation risk in the current inflationary environment,\u201d the company said. <\/span><\/p>\n

REMEMBER- <\/span>It has been a challenging few months for real estate players, who are faced with the devaluation of the EGP and import difficulties on the back of an FX crunch that sent raw materials prices soaring. The Madbouly government has given developers a <\/span>20% deadline<\/a><\/span> extension on their projects following <\/span>pleas for state support<\/a><\/span>. <\/span><\/p>\n

Demand was \u201chealthy\u201d: <\/span>\u201cWe have witnessed very healthy demand for the limited launches that we have released during the quarter. We will continue bringing forward releases across our projects during the year,\u201d SODIC General Manager Ayman Amer said.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Company pauses sales amid soaring inflation<\/p>\n","protected":false},"author":1,"featured_media":586016,"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-586015","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":"9eb9bf4c-06dc-467f-9c4c-2952b1ec2294","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/5\/164.jpg","photo_position":"above","homepage_title":"","full_issue_title":"SODIC posts higher revenues in 1Q 2023 while inflation impacts sales","related_issue":[585999],"teaser":"Company pauses sales amid soaring inflation","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.afa0ff0c-3c7b-45bc-be7f-3e79210efe1a.mp3"},"yoast_head":"\nSODIC posts higher revenues in 1Q 2023 while inflation impacts sales - 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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":581496,"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\/","url_meta":{"origin":586015,"position":4},"title":"SODIC revenues up 13% y-o-y on record sales but impact of deval hits net income","author":"enterpriseam admin","date":"12 February 2023","format":false,"excerpt":"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\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":546945,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/palm-hills-net-income-rises-44-in-1q-2022\/","url_meta":{"origin":586015,"position":5},"title":"Palm Hills\u2019 net income rises 44% in 1Q 2022","author":"enterpriseam admin","date":"2 June 2022","format":false,"excerpt":"Palm Hills Developments\u2019 (PHD) bottom line surged 44% y-o-y in 1Q 2022, driven by a strong increase in sales, the real estate developer said in its latest earnings release (pdf). The company reported net income of EGP 295 mn, supported by a 47% increase in revenues which reached EGP 2.9\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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/586015","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=586015"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/586015\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/585999"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/586016"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=586015"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=586015"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=586015"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=586015"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=586015"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}