{"id":609040,"date":"2023-10-30T00:00:00","date_gmt":"2023-10-30T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/30\/sodic-mashreq-earnings-jump-in-9m-2023\/"},"modified":"2023-10-30T00:00:00","modified_gmt":"2023-10-30T00:00:00","slug":"sodic-mashreq-earnings-jump-in-9m-2023","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/30\/sodic-mashreq-earnings-jump-in-9m-2023\/","title":{"rendered":"SODIC + Mashreq earnings jump in 9M 2023"},"content":{"rendered":"

Real <\/strong>estate developer SODIC\u2019s net income rose 26% y-o-y to EGP 548 mn in 9M <\/strong>2023<\/strong>, it said in a statement (pdf)<\/a>. The company\u2019s revenues for the nine-month period rose 7% y-o-y to EGP 5 bn, driven by deliveries of East Cairo projects, namely in SODIC East and Villette\u2019s Sky Condos.<\/p>\n

Sales rise as company hikes prices<\/strong>: <\/strong>Gross contracted sales rose 67% y-o-y to EGP 19.8 bn despite a 20% fall in the number of units sold to less than 1.4k. The company has raised prices \u201csignificantly\u201d<\/a> this year to offset the impact of inflation. West Cairo projects accounted for 52% of the sales, followed by East Cairo projects (28%), and the company\u2019s June development on the North Coast (20%). <\/p>\n

(Remember: In real estate, \u201csales\u201d are effectively signed contracts for new flats, while revenues is the fraction of past sales developers recognize as revenues as they hand over properties or hit construction milestones.)<\/p>\n

The company\u2019s deliveries in 9M 2023<\/strong> declined almost 12% y-o-y, with 743 units delivered compared to 843 units delivered during the same period last year. Of the units delivered, 452 were in East Cairo, 287 were in West Cairo, and four were in the North Coast.<\/p>\n

Looking ahead:<\/strong> \u201cWe are very happy to report record results showing significant growth across all key metrics, on track to deliver a very strong year,\u201d said General Manager Ayman Amer. \u201cDuring 2023 we have prioritized growing our business while safeguarding profitability, pacing our launches, and revising our pricing strategies, ensuring healthy returns on all our projects.\u201d<\/p>\n

MASHREQ NET INCOME DOUBLES IN 9M 2023- <\/strong><\/p>\n

Mashreq<\/strong> reports strong growth for the first nine months of the year: <\/strong>Emirati lender Mashreq\u2019s net income rose 122% y-o-y to AED 5.8 bn in 9M 2023, according to its earnings release (pdf)<\/a>. The lender attributed its growth to an 82% y-o-y increase in net interest income to AED 5.6 bn, alongside a 15% rise in fee and commission income.<\/p>\n

A strong 3Q performance:<\/strong> The lender\u2019s net income jumped 89% y-o-y to AED 2.25 bn in 3Q 2023, up from AED 1.19 bn during the same period last year. Net interest income led the quarterly growth, with a 61% y-o-y jump to AED 2 bn. <\/p>\n

Driving the growth: <\/strong>Mashreq has grown its loan portfolio almost 10% YTD to AED 99.3bn, while deposits saw a 16.7% YTD increase to AED 132.9 bn. <\/p>\n

What they said: <\/strong>\u201cWe continue to see the benefits of our diversified business model and strong balance sheet growth and our digital strides in Pakistan and licensing in Oman usher in a new era of exciting global growth,\u201d Group CEO Ahmed Abdelaal said. <\/p>\n","protected":false},"excerpt":{"rendered":"

Real estate developer SODIC\u2019s net income rose 26% y-o-y to EGP 548 mn in 9M 2023, it said in a statement (pdf). The company\u2019s revenues for the nine-month period rose 7% y-o-y to EGP 5 bn, driven by deliveries of East Cairo projects, namely in SODIC East and Villette\u2019s Sky Condos. Sales rise as company […]<\/p>\n","protected":false},"author":1,"featured_media":609041,"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-609040","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":"5fab573d-3e8f-4e56-8165-61c6c3e23f4a","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/10\/1424.jpg","photo_position":"above","homepage_title":"","full_issue_title":"SODIC + Mashreq earnings jump in 9M 2023","related_issue":[609026],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/10\/.26380115-e121-43cb-bee7-4b3e705b786a.mp3"},"yoast_head":"\nSODIC + Mashreq earnings jump in 9M 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\/10\/30\/sodic-mashreq-earnings-jump-in-9m-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 jump in 9M 2023\" \/>\n<meta property=\"og:description\" content=\"Real estate developer SODIC\u2019s net income rose 26% y-o-y to EGP 548 mn in 9M 2023, it said in a statement (pdf). The company\u2019s revenues for the nine-month period rose 7% y-o-y to EGP 5 bn, driven by deliveries of East Cairo projects, namely in SODIC East and Villette\u2019s Sky Condos. Sales rise as company […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/30\/sodic-mashreq-earnings-jump-in-9m-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-30T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/1424.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\/10\/30\/sodic-mashreq-earnings-jump-in-9m-2023\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/30\/sodic-mashreq-earnings-jump-in-9m-2023\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"SODIC + Mashreq earnings jump in 9M 2023\",\"datePublished\":\"2023-10-30T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/30\/sodic-mashreq-earnings-jump-in-9m-2023\/\"},\"wordCount\":416,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/30\/sodic-mashreq-earnings-jump-in-9m-2023\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/1424.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\/10\/30\/sodic-mashreq-earnings-jump-in-9m-2023\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/30\/sodic-mashreq-earnings-jump-in-9m-2023\/\",\"name\":\"SODIC + Mashreq earnings jump in 9M 2023 - 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The company\u2019s revenues for the quarter dipped 7% y-o-y to EGP 1.42 bn. Over\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\/2023\/5\/164.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":654256,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/30\/sodic-reports-highest-ever-quarterly-sales-mashreq-reports-9m-earnings\/","url_meta":{"origin":609040,"position":1},"title":"SODIC reports highest ever quarterly sales + Mashreq reports 9M earnings","author":"enterpriseam admin","date":"30 October 2024","format":false,"excerpt":"Earnings o'clock: It was a busy day for earnings with both our friends at real estate developer SODIC and UAE-based lender Mashreq Bank reporting their earnings for 3Q 2024 and the first nine months of the year. SODIC REPORTS HIGHEST EVER QUARTERLY SALES- SODIC\u2019s Ogami pushes the company\u2019s sales to\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\/2024\/10\/2635.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":674291,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/10\/27\/sodics-bottom-line-up-150-y-o-y-in-9m-2025\/","url_meta":{"origin":609040,"position":2},"title":"SODIC\u2019s bottom line up 150% y-o-y in 9M 2025","author":"enterpriseam admin","date":"27 October 2025","format":false,"excerpt":"The company\u2019s revenues rose 69% y-o-y to EGP 10.6 bn","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\/2025\/2\/795.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":609040,"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":635303,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/29\/sodics-net-income-rises-87-y-o-y-in-1h-2024\/","url_meta":{"origin":609040,"position":4},"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":[]},{"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":609040,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/609040","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=609040"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/609040\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/609026"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/609041"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=609040"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=609040"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=609040"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=609040"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=609040"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}