Sixth of October Development & Investment Company (SODIC) has announced its consolidated financial results for the year ending 31st December 2024, reporting record-breaking sales and significant profit growth.
With gross contracted sales reaching EGP 50.3 billion (+66% YoY) and net profit soaring to EGP 2.53 billion (+84% YoY), SODIC continues to solidify its position as a leader in Egypt’s real estate development sector.
Operational & Financial Highlights
Gross Contracted Sales: EGP 50.3 billion (+66% YoY)
Cancellations: 2% of total sales, improving from 4% in 2023
Net Cash Collections: EGP 15 billion (+36% YoY)
Total Deliveries: 1,045 units across various projects
Gross Profit: EGP 5.41 billion (+52% YoY), with a 55% margin
Operating Profit: EGP 3.31 billion (+78% YoY), with a 34% margin
Net Profit After Tax: EGP 2.53 billion (+84% YoY), with a 26% margin
Exceptional Operational Performance in 2024
SODIC’s strong growth strategy and operational excellence enabled the company to sell 1,270 units in 2024, generating record-high contracted sales of EGP 50.3 billion, a 66% increase from EGP 30.26 billion in 2023.
The company’s North Coast projects were the primary driver of this success, contributing 66% of total sales, largely fueled by the high demand for Ogami, which alone accounted for EGP 24.5 billion (49% of total contracted sales).
Regional Sales Breakdown:
North Coast Projects: 66% of total sales, led by Ogami
West Cairo Projects: 29% of total sales, driven by The Estates & Estates Residences (12% of total sales)
SODIC also improved its cancellation rate, reducing it to 2% of total sales, compared to 4% in 2023.
Net Cash Collections Increased by 36% YoY
SODIC’s net cash collections surged to EGP 15 billion, up from EGP 11 billion in 2023, reinforcing its financial strength and operational efficiency.
Unit Deliveries & Construction Investments
SODIC delivered 1,045 units, including:
736 units in East Cairo
309 units in West Cairo
The company also increased CAPEX spending on construction to EGP 8.5 billion, up from EGP 6.2 billion in 2023, to accelerate project development.
Financial Overview & Strong Balance Sheet
Revenue & Profitability
Total Revenue: EGP 9.75 billion (vs. EGP 10.33 billion in 2023)
Gross Profit: EGP 5.41 billion (+52% YoY) with a 55% margin
Operating Profit: EGP 3.31 billion (+78% YoY) with a 34% margin
Net Profit: EGP 2.53 billion (+84% YoY) with a 26% margin
Earnings Per Share (EPS): EGP 7.09
Strong Liquidity Position
SODIC maintains a healthy liquidity position, with EGP 3.4 billion in cash and cash equivalents and low leverage levels:
Bank Debt to Equity Ratio: 0.33x (vs. 0.37x in 2023)
Outstanding Bank Debt: EGP 3.8 billion (vs. EGP 3.22 billion in 2023)
Future Revenue Visibility
Total Receivables: EGP 83.2 billion, with EGP 16.4 billion in short-term receivables
Unrecognized Revenue Backlog: EGP 87 billion, ensuring future revenue growth
Key Corporate Milestones in 2024
April 24 – SODIC & Nobu Partnership Expansion
SODIC signed an agreement with Nobu to launch a luxury hotel and restaurant in East Cairo, following previous deals in West Cairo and North Coast.
June 11 – Marriott Partnership
SODIC signed an agreement with Marriott International to bring its Tribute Portfolio brand to two projects in West Cairo and the North Coast.
September 2 – Launch of “Ogami” North Coast
SODIC launched “Ogami,” its latest North Coast project, featuring exclusive Nobu-branded residences and a luxury hotel.
September 27 – Retail Expansion: Eastown District New Cairo (EDNC)
SODIC celebrated the grand opening of its flagship retail destination in New Cairo, “EDNC.”
Management Commentary
Ayman Amer, General Manager of SODIC, stated:
“We are proud to report record-breaking results across all operational and financial metrics. Our sales reached an all-time high of EGP 50.3 billion, reflecting a 66% YoY increase, driven by the incredible demand for “Ogami” in the North Coast, which alone contributed EGP 24.5 billion in sales. Our net profit soared by 84%, reaching EGP 2.53 billion, demonstrating our commitment to delivering value to our shareholders and customers.”
“Our strong financial performance highlights the resilience of our brand and our ability to create world-class developments. With our strategic expansion in retail and hospitality, we are poised for continued success in 2025.”
Looking Ahead: Sustained Growth & Market Leadership
With a strong project pipeline, expanding hospitality partnerships, and a robust financial position, SODIC is set for another year of exceptional growth, reinforcing its market leadership in Egypt’s real estate sector.
