{"id":654256,"date":"2024-10-30T00:00:00","date_gmt":"2024-10-30T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/30\/sodic-reports-highest-ever-quarterly-sales-mashreq-reports-9m-earnings\/"},"modified":"2024-10-30T00:00:00","modified_gmt":"2024-10-30T00:00:00","slug":"sodic-reports-highest-ever-quarterly-sales-mashreq-reports-9m-earnings","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/30\/sodic-reports-highest-ever-quarterly-sales-mashreq-reports-9m-earnings\/","title":{"rendered":"SODIC reports highest ever quarterly sales + Mashreq reports 9M earnings"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Earnings o'clock: <\/strong>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. <\/p>\n<p class=\"tag-border-left\">SODIC REPORTS HIGHEST EVER QUARTERLY SALES- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>SODIC\u2019s Ogami pushes the company\u2019s sales to record highs: <\/strong>Real estate developer SODIC reported EGP 31 bn in gross contracted sales in the third quarter of the year \u2014 a quarterly record for the company \u2014 which the developer attributed to \u201crobust demand\u201d for its new Ogami development on the North Coast, the company said in its latest <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/10\/2578.pdf\" style=\"\" rel=\"noopener\">earnings release (pdf)<\/a>. Net income was up 45% y-o-y to EGP 309 mn in the quarter and revenues increased 14% y-o-y to EGP 2.4 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s been a good year so far for SODIC: <\/strong>On a 9M basis, the company has seen its revenues rise 26% y-o-y to EGP 6.3 bn, while its net income jumped 71% y-o-y, coming in at EGP 935 mn. Its gross contracted sales rose the highest, noting a 101% y-o-y increase to EGP 39.8 bn during the first nine months of the year. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The breakdown: <\/strong>North Coast projects accounted for 72% of the company\u2019s total contracted sales for the nine-month period, with the Ogami project making 54% of total sales. West Cairo projects contributed 24% of total sales. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>SODIC <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/32b1d496-5af1-4ce7-9136-68f26f03f34e\/auto-distributors-push-for-more-locally-assembled-vehicles-to-make-up-for-import-restrictions.-plus:-somabay-%2B-redcon,-sodic,-tmg,-mass-developments,-efg-hermes,-kima\" style=\"\" rel=\"noopener\">broke ground on its 440-acre Ogami development<\/a> in Ras El Hekma in September. The hospitality project was planned by the DLR Group and includes a Nobu hotel, restaurant, and residences, alongside 800 meters of pristine beachfront.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they said:<\/strong> \u201cOur strong performance across all financial metrics is a testament to the strength of our brand and the confidence our customers have in our ability to consistently create value for them. We are proud to have made strong strides in our hospitality and retail platforms in 2024, further strengthening our customer experience which continues to set SODIC apart,\u201d said SODIC General Manager Ayman Amer.<\/p>\n<p class=\"tag-border-left\">MASHREQ REPORTS 9M 2024 EARNINGS- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Mashreq reported AED 5.8 bn in net income after tax during the first <\/strong><strong>nine months of 2024<\/strong>, maintaining its position y-o-y, according to the lender\u2019s latest <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/10\/2603.pdf\" style=\"\" rel=\"noopener\">earnings release (pdf)<\/a>. On a pre-tax basis, the UAE-based bank\u2019s net income rose 9% y-o-y to AED 6.5 bn, with the lender noting that its net income after tax remained strong despite the corporate income tax rising by an additional AED 500 mn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Driving the growth:<\/strong> \u201cPrincipal drivers of this increase are strong business growth with healthy margins, the benign interest rate environment, and relative low risk costs,\u201d the <a target=\"_blank\" href=\"https:\/\/www.mashreq.com\/en\/uae\/news\/2024\/october\/mashreq-financial-results-9m\/\" style=\"\" rel=\"noopener\">lender said<\/a>, pointing to a 13% y-o-y increase in net interest income \u2014 which recorded AED 6.3 bn during the nine-month period \u2014 and a 21% y-o-y jump in non-interest income which recorded AED 2.8 bn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On a quarterly basis: <\/strong>Mashreq saw its net income dip 21% y-o-y in 3Q 2024 to record AED 1.8 bn and its pre-tax net income fall 15% y-o-y to AED 2.0 bn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they said:<\/strong> \u201cOur strong performance in the first nine months of 2024 underscores Mashreq\u2019s strategic direction and operational resilience in navigating dynamic market conditions,\u201d CEO Ahmed Abdelaal said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A year for expansion: <\/strong>\u201cThis year has been pivotal in expanding our footprint and enhancing digital capabilities. We launched the fully digitized NEO CORP platform for our wholesale banking customers clients in Bahrain, Kuwait, with Qatar to follow very soon, as a part of the initial roll out and made our first corporate banking loan transaction in the UK, strengthening our presence in key markets,\u201d the CEO said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>Mashreq Neo Egypt <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/490cdbcf-937b-4b6d-9ce9-9eb0ce115145\/contact-to-expand-in-saudi-in-2025.-plus:-news-from-b-investments,-talaat-moustafa-group,-adib,%253cmark%253e-mashreq%253c%2Fmark%253e,-madinet-masr,-idea-verde,-azimut\" style=\"\" rel=\"noopener\">launched in Egypt earlier this year<\/a> with the aim of fulfilling clients\u2019 on-the-go banking needs. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** We spoke to the bank\u2019s head of Neo and personal banking Radu Topliceanu to learn <\/strong><strong>more about what\u2019s in the pipeline for Mashreq Neo. Check out the interview <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ca595c61-0397-4dfb-8ff9-b5b6ebd2dd72\/what%25e2%2580%2599s-in-the-pipeline-for%253cmark%253e-mashreq%253c%2Fmark%253e-neo-%2B-more-on-the-successes-and-challenges-of-digital-banking-in-the-region\" style=\"\" rel=\"noopener\">here<\/a><\/strong><strong>.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 record highs: Real estate developer [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":654257,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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":[302,409,72,2373,83,312],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-654256","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-earnings","tag-earnings-watch","tag-enterpriseam","tag-mashreq-bank","tag-real-estate","tag-sodic","wpautop","entry"],"acf":{"mongo_id":"96a5b98a-00cc-43f4-b00d-d5d296149228","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/10\/2635.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egyptian real estate giant SODIC reports highest ever quarterly sales + Mashreq reports 9M earnings","related_issue":[654244],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.a2652193-25de-4ee4-a9cd-12edba82d0af.mp3"},"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 reports highest ever quarterly sales + Mashreq reports 9M earnings - 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\/10\/30\/sodic-reports-highest-ever-quarterly-sales-mashreq-reports-9m-earnings\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SODIC reports highest ever quarterly sales + Mashreq reports 9M earnings\" \/>\n<meta property=\"og:description\" content=\"Earnings o&#039;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 record highs: Real estate developer [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2024\/10\/30\/sodic-reports-highest-ever-quarterly-sales-mashreq-reports-9m-earnings\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-30T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/2635.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\/2024\/10\/30\/sodic-reports-highest-ever-quarterly-sales-mashreq-reports-9m-earnings\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/10\/30\/sodic-reports-highest-ever-quarterly-sales-mashreq-reports-9m-earnings\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"SODIC reports highest ever quarterly sales + Mashreq reports 9M earnings\",\"datePublished\":\"2024-10-30T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/10\/30\/sodic-reports-highest-ever-quarterly-sales-mashreq-reports-9m-earnings\/\"},\"wordCount\":648,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/10\/30\/sodic-reports-highest-ever-quarterly-sales-mashreq-reports-9m-earnings\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/2635.jpg?fit=%2C&ssl=1\",\"keywords\":[\"earnings\",\"earnings watch\",\"EnterpriseAM\",\"Mashreq Bank\",\"real estate\",\"SODIC\"],\"articleSection\":[\"EARNINGS WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/10\/30\/sodic-reports-highest-ever-quarterly-sales-mashreq-reports-9m-earnings\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2024\/10\/30\/sodic-reports-highest-ever-quarterly-sales-mashreq-reports-9m-earnings\/\",\"name\":\"SODIC reports highest ever quarterly sales + Mashreq reports 9M earnings - 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Meanwhile, the\u2026","rel":"","context":"In &quot;EARNINGS WATCH&quot;","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":609040,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/30\/sodic-mashreq-earnings-jump-in-9m-2023\/","url_meta":{"origin":654256,"position":1},"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 &quot;EARNINGS WATCH&quot;","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":591094,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/31\/sodic-mashreq-earnings-more-than-double-in-2q-2023\/","url_meta":{"origin":654256,"position":2},"title":"SODIC + Mashreq earnings more than double in 2Q 2023","author":"enterpriseam admin","date":"31 July 2023","format":false,"excerpt":"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\u2026","rel":"","context":"In &quot;EARNINGS WATCH&quot;","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":591180,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/01\/aldar-net-income-up-52-y-o-y-in-2q-2023\/","url_meta":{"origin":654256,"position":3},"title":"Aldar net income up 52% y-o-y in 2Q 2023","author":"enterpriseam admin","date":"1 August 2023","format":false,"excerpt":"The company reported record quarterly sales for the second time in 2023","rel":"","context":"In &quot;EARNINGS WATCH&quot;","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\/300.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":654256,"position":4},"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 &quot;EARNINGS WATCH&quot;","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":654256,"position":5},"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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