{"id":591094,"date":"2023-07-31T00:00:00","date_gmt":"2023-07-31T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/31\/sodic-mashreq-earnings-more-than-double-in-2q-2023\/"},"modified":"2023-07-31T00:00:00","modified_gmt":"2023-07-31T00:00:00","slug":"sodic-mashreq-earnings-more-than-double-in-2q-2023","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/31\/sodic-mashreq-earnings-more-than-double-in-2q-2023\/","title":{"rendered":"SODIC + Mashreq earnings more than double in 2Q 2023"},"content":{"rendered":"

SODIC\u2019s bottomline more than doubles in 2Q 2023:<\/strong> Upmarket real estate deve loper SODI C reported net income of EGP 148 mn in 2Q 2023, up 126% y-o-y, according to the company\u2019s latest earnings release<\/a> (pdf)<\/a>. The company\u2019s revenues for the quarter dipped 7% y-o-y to EGP 1.42 bn. Over the first six months of the year, the company\u2019s bottomline rose 15% y-o-y to EGP 335 mn while revenue rose 7% to EGP 2.92 bn. <\/p>\n

A strong 1H for sales\u2026: <\/strong>Gross contracted sales were up 22% y-o-y to EGP 8.17 bn from the sale of 674 units during the first half of 2023. West Cairo projects accounted for 52% of gross contracted sales in 1H, followed by East Cairo projects (34%), and the company\u2019s June development on the North Coast (15%). <\/p>\n

\u2026despite price pressures:<\/strong> The sales growth came even after the company slowed sales in 1Q to review selling prices amid rising construction costs. \u201cDespite the limited launches in the first half of the year and the significant price increases to offset the effect of inflation we have achieved record sales,\u201d said General Manager Ayman Amer. <\/p>\n

Deliveries dip:<\/strong> The company\u2019s deliveries in 1H 2023 fell 13% y-o-y, with 402 units delivered compared to 463 units during the same period last year. Of the 402 units delivered, 212 were in East Cairo, 189 in West Cairo, and one in the North Coast. <\/p>\n

REMEMBER- SODIC is expanding in Sahel.<\/strong> The company acquired 180 acres of land<\/a> south of its North Coast project Caesar in May. SODIC plans to invest over EGP 10 bn in the Caesar extension, which it expects to start work on later this year. The real estate developer also entered into a revenue-sharing partnership<\/a> with local investment firm Al Safy Group at the beginning of this month that will see it develop a 440-feddan land plot on the North Coast. <\/p>\n

MASHREQ NET INCOME DOUBLES IN 2Q-<\/strong><\/p>\n

Mashreq reports strong earnings growth in 2Q: <\/strong>Emirati lender Mashreq\u2019s net incom e rose 139% y-o-y to AED 1.9 bn in 2Q 2023, up from AED 796 mn in the same period last year, according to its earnings release (pdf)<\/a>. The bottom-line y-o-y growth in 2Q 2023 was driven by an 84% increase in net interest income to AED 1.87 bn, as well as a 44% increase in ins., FX & other income which together brought in AED 458 mn. <\/p>\n

A strong 1H performance: <\/strong>The lender\u2019s net income also more than doubled to AED 3.5 bn in 1H 2023, up from AED 1.4 bn in the same period last year. Growth over the six-month period was driven by a 96% rise in net interest income, which came in at AED 3.6 bn. <\/p>\n

Driving the growth:<\/strong> Growth in the lender\u2019s loan portfolio \u2014 which climbed 5% YTD to AED 95 bn \u2014 and the high interest rate environment, it said. Meanwhile, deposits increased 11% YTD to AED 127 bn. <\/p>\n

What they said:<\/strong> \u201cAssessing Mashreq\u2019s robust performance in the first half of 2023, it is evident that our strategic initiatives have been instrumental in shaping this success. With an exceptional 88% y-o-y increase in operating profit, rising to AED 3.7 bn, and a marked reduction in our cost-to-income ratio to 28.3%, the strength of our approach is clear,\u201d Group CEO Ahmed Abdelaal said. <\/p>\n","protected":false},"excerpt":{"rendered":"

SODIC\u2019s bottomline more than doubles in 2Q 2023: Upmarket real estate deve loper SODI C reported net income of EGP 148 mn in 2Q 2023, up 126% y-o-y, according to the company\u2019s latest earnings release (pdf). The company\u2019s revenues for the quarter dipped 7% y-o-y to EGP 1.42 bn. Over the first six months of […]<\/p>\n","protected":false},"author":1,"featured_media":591095,"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":[204,409,72,2373,83,312],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-591094","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-banking","tag-earnings-watch","tag-enterpriseam","tag-mashreq-bank","tag-real-estate","tag-sodic","wpautop","entry"],"acf":{"mongo_id":"8f693f60-b696-4978-afab-e990ef5e383c","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 + Mashreq earnings more than double in 2Q 2023","related_issue":[591079],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/7\/.248e9d6e-5a68-4274-a6ca-e1043e34e556.mp3"},"yoast_head":"\nSODIC + Mashreq earnings more than double in 2Q 2023 - 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\/07\/31\/sodic-mashreq-earnings-more-than-double-in-2q-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SODIC + Mashreq earnings more than double in 2Q 2023\" \/>\n<meta property=\"og:description\" content=\"SODIC\u2019s bottomline more than doubles in 2Q 2023: Upmarket real estate deve loper SODI C reported net income of EGP 148 mn in 2Q 2023, up 126% y-o-y, according to the company\u2019s latest earnings release (pdf). The company\u2019s revenues for the quarter dipped 7% y-o-y to EGP 1.42 bn. Over the first six months of […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2023\/07\/31\/sodic-mashreq-earnings-more-than-double-in-2q-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-31T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/164.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=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/07\/31\/sodic-mashreq-earnings-more-than-double-in-2q-2023\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/07\/31\/sodic-mashreq-earnings-more-than-double-in-2q-2023\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"SODIC + Mashreq earnings more than double in 2Q 2023\",\"datePublished\":\"2023-07-31T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/07\/31\/sodic-mashreq-earnings-more-than-double-in-2q-2023\/\"},\"wordCount\":515,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/07\/31\/sodic-mashreq-earnings-more-than-double-in-2q-2023\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/164.jpg?fit=%2C&ssl=1\",\"keywords\":[\"banking\",\"earnings watch\",\"EnterpriseAM\",\"Mashreq Bank\",\"real estate\",\"SODIC\"],\"articleSection\":[\"EARNINGS WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/07\/31\/sodic-mashreq-earnings-more-than-double-in-2q-2023\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2023\/07\/31\/sodic-mashreq-earnings-more-than-double-in-2q-2023\/\",\"name\":\"SODIC + Mashreq earnings more than double in 2Q 2023 - 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The company\u2019s revenues dipped 3.5% y-o-y during the quarter to EGP 22.78 mn.MM Group reported a 40.6% y-o-y drop in its\u2026","rel":"","context":"In "GO WITH THE FLOW"","block_context":{"text":"GO WITH THE FLOW","link":"https:\/\/enterpriseam.com\/egypt\/category\/go-with-the-flow\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":548711,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/18\/earnings-watch-efg-hermes-palm-hills-swvl\/","url_meta":{"origin":591094,"position":3},"title":"Earnings Watch: EFG Hermes, Palm Hills, Swvl","author":"enterpriseam admin","date":"18 August 2022","format":false,"excerpt":"EFG Hermes\u2019 net income after tax and minority interest eased 15% y-o-y to EGP 344 mn in 2Q 2022 on higher taxes and minority interest after the consolidation of aiBank, according to its earnings release (pdf).The group\u2019s operating revenues rose 28% y-o-y to EGP 2.1 bn during the quarter, boosted\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\/8\/320.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":591094,"position":4},"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 "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":544550,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/09\/sodics-net-income-up-89-y-o-y-for-4q2021\/","url_meta":{"origin":591094,"position":5},"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 "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\/3\/110.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\/591094","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=591094"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/591094\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/591079"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/591095"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=591094"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=591094"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=591094"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=591094"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=591094"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}