{"id":635303,"date":"2024-07-29T00:00:00","date_gmt":"2024-07-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/29\/sodics-net-income-rises-87-y-o-y-in-1h-2024\/"},"modified":"2024-07-29T00:00:00","modified_gmt":"2024-07-29T00:00:00","slug":"sodics-net-income-rises-87-y-o-y-in-1h-2024","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/29\/sodics-net-income-rises-87-y-o-y-in-1h-2024\/","title":{"rendered":"SODIC\u2019s net income rises 87% y-o-y in 1H 2024"},"content":{"rendered":"

SODIC sees strong growth in 1H 2024:<\/strong> Real estate developer SODIC saw its net income rise 87% y-o-y to EGP 626 mn in the first half of the year, it said in its latest earnings release (pdf)<\/a>. Revenues rose 35% y-o-y to EGP 3.9 bn during the period, as the company ramped up deliveries in East Cairo and West Cairo projects. <\/p>\n

Gross contracted sales rose 34% y-o-y to EGP 10.9 bn <\/strong>during 1H 2024. West Cairo accounted for 58% of the sales. North Coast projects accounted for 36% of the company\u2019s total contracted sales for the six-month period, while sales in East Cairo accounted for only 6% of sales.<\/span><\/p>\n

On a quarterly basis: <\/strong>SODIC\u2019s revenues grew 48% y-o-y to EGP 2.1 bn during 2Q 2024, while its net income rose 59% y-o-y to EGP 235 mn.<\/p>\n

What they said: <\/strong>\u201cSales have grown by 34% despite the limited launches in the first quarter as we remain committed to delivering profitable sales and sustainable growth,\u201d general manager Aymen Amer said. \u201cThe robust demand for our projects is reflected in the demand for our launches and the significant drop in cancellations underscores the strength of our brand and the resilience of the Egyptian market.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Gross contracted sales rose 34% y-o-y to EGP 10.9 bn during 1H 2024<\/p>\n","protected":false},"author":1,"featured_media":635304,"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-635303","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":"fb260b12-6cbe-4725-a5da-19e32ac3f6c5","order":"9","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/2255.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egyptian real estate developer SODIC\u2019s net income rises 87% y-o-y in 1H 2024","related_issue":[635287],"teaser":"Gross contracted sales rose 34% y-o-y to EGP 10.9 bn during 1H 2024","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.36aaca42-aac8-4213-b1ae-dbca5b1cce27.mp3"},"yoast_head":"\nSODIC\u2019s net income rises 87% y-o-y in 1H 2024 - 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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":550440,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/27\/sodic-net-income-up-19-in-3q-2022\/","url_meta":{"origin":635303,"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":614771,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/07\/sodics-bottomline-jumps-164-in-2023\/","url_meta":{"origin":635303,"position":2},"title":"SODIC\u2019s bottomline jumps 164% in 2023","author":"enterpriseam admin","date":"7 February 2024","format":false,"excerpt":"SODIC\u2019s gross contracted sales hit a record high for the year","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\/2\/499.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":609040,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/30\/sodic-mashreq-earnings-jump-in-9m-2023\/","url_meta":{"origin":635303,"position":3},"title":"SODIC + Mashreq earnings jump in 9M 2023","author":"enterpriseam admin","date":"30 October 2023","format":false,"excerpt":"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\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\/10\/1424.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":635303,"position":4},"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. SODIC\u2019s bottom line declined 46% in the same period due to deliveries from the first phases of SODIC East, which accounted\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":660311,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/02\/10\/sodic-reports-record-sales-in-2024\/","url_meta":{"origin":635303,"position":5},"title":"SODIC reports record sales in 2024","author":"enterpriseam admin","date":"10 February 2025","format":false,"excerpt":"SODIC reports record sales in 2024 fueled by Ogami project: Our friends at SODIC logged record gross contracted sales of EGP 50.3 bn in 2024, up 66% y-o-y, on the back of strong demand for the North Coast project Ogami, according to the developer\u2019s latest earning release (pdf). Meanwhile, 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\/2025\/2\/795.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\/635303","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=635303"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/635303\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/635287"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/635304"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=635303"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=635303"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=635303"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=635303"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=635303"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}