Egyptian real estate company SODIC reports an 84% increase in yearly net profit, reaching $50.3 million after tax
Egypt’s Sixth of October Development & Investment Company (SODIC) said its net profit after tax and other interests grew by 84% in one year. The total profit reached $50.3 million (EGP 2.53 billion), according to a company statement on Sunday.
2024 Results
SODIC’s total revenue for 2024 was $193.9 million (EGP 9.75 billion), which is 5% lower than the $205.5 million (EGP 10.33 billion) made in 2023. This drop was mainly due to deliveries in East Cairo, which made up 51% of the company’s total deliveries by value.
However, SODIC’s total sales increased by 66% compared to last year, reaching $1 billion (EGP 50.3 billion) in 2024, with 1,270 units sold. The company’s gross profit grew by 52% to $107.6 million (EGP 5.4 billion), while operating profit rose by 78% to $65.86 million (EGP 3.31 billion).
SODIC’s cancellation rate improved, dropping to 2% in 2024 from 4% in 2023. The company credited its strong performance to a focused growth strategy and efficient operations.
The North Coast projects were the biggest contributors, making up 66% of total sales. This was mainly due to strong demand for the new Ogami project, which generated $490 million (EGP 24.5 billion) in sales—49% of SODIC’s total for the year. West Cairo projects contributed 29% of total sales, led by The Estates & Estates Residences, which made up 12% of the total.
SODIC spent $170 million (EGP 8.5 billion) on construction during the year. The company successfully delivered 1,045 units in 2024, with 736 in East Cairo and 309 in West Cairo.
Recent Announcements
- In September, SODIC launched Eastown District New Cairo (EDNC), a major retail project in New Cairo.
- Also in September, the company introduced Ogami, a new coastal project in the North Coast, featuring the exclusive Nobu Hotel and Residences.
- In June, SODIC partnered with Marriott International to bring the Tribute Portfolio brand to two of its projects in West Cairo and the North Coast.
- In April, the company announced a partnership with Nobu to develop a luxury hotel and restaurant in East Cairo.
About SODIC
SODIC was founded in 1996 and is a mixed-use real estate developer in Egypt. The company owns over 17 million square meters of land. Aldar Properties and ADQ hold an 85.52% stake in SODIC.
Published: 10th February 2025
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