{"id":628989,"date":"2018-05-20T03:55:30","date_gmt":"2018-05-20T03:55:30","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/20\/sodics-1q2018-sales-growth-driven-by-launch-of-cornerstone-of-future-recurring-income-portfolio\/"},"modified":"2018-05-20T03:55:30","modified_gmt":"2018-05-20T03:55:30","slug":"sodics-1q2018-sales-growth-driven-by-launch-of-cornerstone-of-future-recurring-income-portfolio","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/20\/sodics-1q2018-sales-growth-driven-by-launch-of-cornerstone-of-future-recurring-income-portfolio\/","title":{"rendered":"SODIC\u2019s 1Q2018 sales growth driven by launch of \u201ccornerstone of future recurring income portfolio\u201d"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>EARNINGS WATCH- SODIC reported a net profit after tax and minority interest of EGP 212 mn in 1Q2018,<\/strong> with a net profit margin of 41%, the company said in its <a href=\"https:\/\/s3.amazonaws.com\/inktankir2\/sodic\/20180513-1Q18-earnings-release-vf.pdf\">earnings release (pdf)<\/a>. Net contracted sales grew 9% y-o-y to EGP 1.2 bn, largely driven by a pickup in sales of non-residential developments, as the quarter witnessed the launch of the Eastown District New Cairo, which \u201cis expected to be the cornerstone of SODIC\u2019s recurring income portfolio in the future,\u201d once it\u2019s complete in 2021.<strong> Deliveries also remained on track in 1Q2018<\/strong>, with 167 units handed over on time or ahead of schedule, and the company expects it will meet its targets for the year, according to Managing Director Magued Sherif. \u201cWe begin the year with exciting developments on our land bank as we continue to deliver on our expansion and diversification strategy,\u201d he said, noting that new land acquisitions \u2014 including 1.3 mn sqm of land in the North Coast, that should drive as much as EGP 15 bn in sales, and a 500-acre plot in West Cairo \u2014brought the company\u2019s total \u201cland bank to 8 mn sqm, putting over 10 years of inventory visibility in all our markets.\u201d<\/p>\n<p><strong>A potential merger with Madinet Nasr Housing and Development (MNHD) could almost double that figure, <\/strong>as the agreement \u201cwould leverage on the strengths of the two companies in their respective target markets and accelerate the monetization of a consolidated land bank of 14 mn sqm,\u201d he said. SODIC and MNHD had reportedly started talks about a potential merger <a href=\"https:\/\/enterprise.press\/stories\/2018\/04\/12\/sodic-mnhd-talks-to-begin-today-source\/\">back in April<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>EARNINGS WATCH- SODIC reported a net profit after tax and minority interest of EGP 212 mn in 1Q2018, with a net profit margin of 41%, the company said in its earnings release (pdf). Net contracted sales grew 9% y-o-y to EGP 1.2 bn, largely driven by a pickup in sales of non-residential developments, as the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[8572],"tags":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-628989","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"117c9f52-10e5-4f20-8b5b-a1edd177faa9","order":"0","is_powered_by":true,"section_story_id":"a2fbeb4e-fcb2-434c-924a-9eeb3e2167a1","story_type":"1","photo_url":"","photo_position":"above","related_issue":[628968],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>SODIC\u2019s 1Q2018 sales growth driven by launch of \u201ccornerstone of future recurring income portfolio\u201d - 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\/2018\/05\/20\/sodics-1q2018-sales-growth-driven-by-launch-of-cornerstone-of-future-recurring-income-portfolio\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SODIC\u2019s 1Q2018 sales growth driven by launch of \u201ccornerstone of future recurring income portfolio\u201d\" \/>\n<meta property=\"og:description\" content=\"EARNINGS WATCH- SODIC reported a net profit after tax and minority interest of EGP 212 mn in 1Q2018, with a net profit margin of 41%, the company said in its earnings release (pdf). Net contracted sales grew 9% y-o-y to EGP 1.2 bn, largely driven by a pickup in sales of non-residential developments, as the [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2018\/05\/20\/sodics-1q2018-sales-growth-driven-by-launch-of-cornerstone-of-future-recurring-income-portfolio\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2018-05-20T03:55:30+00:00\" \/>\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\/2018\/05\/20\/sodics-1q2018-sales-growth-driven-by-launch-of-cornerstone-of-future-recurring-income-portfolio\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/05\/20\/sodics-1q2018-sales-growth-driven-by-launch-of-cornerstone-of-future-recurring-income-portfolio\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"SODIC\u2019s 1Q2018 sales growth driven by launch of \u201ccornerstone of future recurring income portfolio\u201d\",\"datePublished\":\"2018-05-20T03:55:30+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/05\/20\/sodics-1q2018-sales-growth-driven-by-launch-of-cornerstone-of-future-recurring-income-portfolio\/\"},\"wordCount\":267,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"EnterpriseAM\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/05\/20\/sodics-1q2018-sales-growth-driven-by-launch-of-cornerstone-of-future-recurring-income-portfolio\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2018\/05\/20\/sodics-1q2018-sales-growth-driven-by-launch-of-cornerstone-of-future-recurring-income-portfolio\/\",\"name\":\"SODIC\u2019s 1Q2018 sales growth driven by launch of \u201ccornerstone of future recurring income portfolio\u201d - 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Revenues rose 84% to EGP 941 mn from EGP 512 mn last year. The company\u2019s net contracted sales\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":597953,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/09\/earnings-watch-edita-mnhd-report-1q2019-results\/","url_meta":{"origin":628989,"position":1},"title":"Earnings watch: Edita, MNHD report 1Q2019 results","author":"enterpriseam admin","date":"9 May 2019","format":false,"excerpt":"EARNINGS WATCH- Edita net profit increases 87.8% y-o-y in 1Q2019: High-profile snack food maker Edita recorded an 87.8% y-o-y increase in net profit for 1Q2019 to EGP 114.3 mn, according to the company\u2019s earnings release (pdf). Revenues from the quarter reached EGP 982.2 mn, up 10.8% y-o-y, while net profit\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":598175,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/16\/earnings-watch-adib-acc-b-investments-raya-naeem-hhd-eastern-obourland-eipico\/","url_meta":{"origin":628989,"position":2},"title":"Earnings watch: ADIB, ACC, B Investments, Raya, Naeem, HHD, Eastern, Obourland, EIPICO","author":"enterpriseam admin","date":"16 May 2019","format":false,"excerpt":"EARNINGS WATCH- B Investments posted a net profit of EGP 35.48 mn in 1Q2019, up 5.5% y-o-y from EGP 33.53 mn in the comparable quarter last year, the company said (pdf). The rise in profits was fueled by an 18% increase in revenues to EGP 50.25 mn during the quarter\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":598044,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/13\/earnings-watch-ibnsina-pharma-amer-group-ode\/","url_meta":{"origin":628989,"position":3},"title":"Earnings watch: Ibnsina Pharma, Amer Group, ODE","author":"enterpriseam admin","date":"13 May 2019","format":false,"excerpt":"EARNINGS WATCH- Ibnsina Pharma 1Q2019 profits surge 46.6% y-o-y on rapid business growth: Medical products distribution company Ibnsina Pharma reported net profits of EGP 41 mn in 1Q2019 compared to EGP 28 mn a year earlier, a 46.6% y-o-y increase, the company said in a statement (pdf). Quarterly gross revenues\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":593060,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/17\/earnings-watch-sodic-telecom-egypt-tmg-amer-group\/","url_meta":{"origin":628989,"position":4},"title":"Earnings watch: SODIC, Telecom Egypt, TMG, Amer Group","author":"enterpriseam admin","date":"17 November 2019","format":false,"excerpt":"EARNINGS WATCH- SODIC\u2019s 3Q2019 net profits came in at EGP 168 mn, with a profit margin of 12%, the company said in an earnings statement (pdf) on Thursday. Revenues for the quarter more than doubled y-o-y to EGP 1.4 bn with net contracted sales recording EGP 614 mn, dropping y-o-y\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":598595,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/29\/earnings-watch-elsewedy-electric-net-profits-fall-32-in-1q2019\/","url_meta":{"origin":628989,"position":5},"title":"Earnings watch: Elsewedy Electric net profits fall 32% in 1Q2019","author":"enterpriseam admin","date":"29 May 2019","format":false,"excerpt":"EARNINGS WATCH- Elsewedy Electric reported a 32% y-o-y drop in net profit to EGP 957.2 mn in 1Q2019, down from EGP 1.4 bn in 1Q2018, the company said in its earnings release (pdf). 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