{"id":614771,"date":"2024-02-07T00:00:00","date_gmt":"2024-02-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/07\/sodics-bottomline-jumps-164-in-2023\/"},"modified":"2024-02-07T00:00:00","modified_gmt":"2024-02-07T00:00:00","slug":"sodics-bottomline-jumps-164-in-2023","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/07\/sodics-bottomline-jumps-164-in-2023\/","title":{"rendered":"SODIC\u2019s bottomline jumps 164% in 2023"},"content":{"rendered":"

SODIC finishes the year strong: <\/strong>Upmarket real estate developer SODIC saw its net income surge 164% y-o-y in 2023 to hit EGP 1.4 bn, it said in a statement<\/a>(pdf)<\/a>. Revenues rose 32% y-o-y to EGP 10.3 bn as the company ramped up deliveries in East Cairo and West Cairo projects.<\/p>\n

Gross contracted sales hit a new high<\/strong>, logging EGP 30.3 bn, a 42% increase from 2022. West Cairo accounted for 51% of the sales amid a strong demand for the 464 Acres and the Estates<\/a> projects. East Cairo and North Coast comprised 32% and 17% of the contracted sales, respectively.<\/p>\n

SOUND SMART- In real estate, sales \u2260 revenues.<\/strong> With off-plan sales dominating the industry, most real estate companies book a sale when you sign a contract to buy a home. But they only record (some or all) of the value of the unit it sold you when it (a) delivers the unit to you or (b) hits a percentage completion on a total project. In most cases, then, revenues are composed of sales from past periods, while sales in a given quarter will be recognized as revenues in the future when units are completed or delivered.<\/p>\n

What they said: \u201c<\/strong>We are very happy to report a strong set of results with growth across all operational and financial metrics. The focus this year was on achieving growth while ensuring healthy and profitable sales,\u201d General Manager Ayman Amer said.<\/p>\n","protected":false},"excerpt":{"rendered":"

SODIC\u2019s gross contracted sales hit a record high for the year<\/p>\n","protected":false},"author":1,"featured_media":614772,"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-614771","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":"65216a8d-f392-4578-8ab7-476152f859e8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/499.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egyptian real estate developer SODIC\u2019s bottomline jumps 164% in 2023","related_issue":[614760],"teaser":"SODIC\u2019s gross contracted sales hit a record high for the year","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.9f833cc1-af26-4a82-881c-75da8660ba3b.mp3"},"yoast_head":"\nSODIC\u2019s bottomline jumps 164% in 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\/2024\/02\/07\/sodics-bottomline-jumps-164-in-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SODIC\u2019s bottomline jumps 164% in 2023\" \/>\n<meta property=\"og:description\" content=\"SODIC\u2019s gross contracted sales hit a record high for the year\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/07\/sodics-bottomline-jumps-164-in-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2024-02-07T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/499.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\/2024\/02\/07\/sodics-bottomline-jumps-164-in-2023\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/07\/sodics-bottomline-jumps-164-in-2023\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"SODIC\u2019s bottomline jumps 164% in 2023\",\"datePublished\":\"2024-02-07T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/07\/sodics-bottomline-jumps-164-in-2023\/\"},\"wordCount\":230,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/07\/sodics-bottomline-jumps-164-in-2023\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/499.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\/2024\/02\/07\/sodics-bottomline-jumps-164-in-2023\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/07\/sodics-bottomline-jumps-164-in-2023\/\",\"name\":\"SODIC\u2019s bottomline jumps 164% in 2023 - 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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":550440,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/27\/sodic-net-income-up-19-in-3q-2022\/","url_meta":{"origin":614771,"position":1},"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":548177,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/28\/sodic-reports-54-increase-in-new-sales-in-2q2022\/","url_meta":{"origin":614771,"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. 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The company sold more than 1.3k units last year, pushing gross contracted sales to a record EGP 7.4 bn, up 2% y-o-y. The strong figures were driven by residential sales,\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":598260,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/20\/earnings-watch-sodic-profits-dip-in-1q2019\/","url_meta":{"origin":614771,"position":5},"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. 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