May 22nd2013, SODIC ("Sixth of October Development &Investment Company") has released its consolidated financial results for the first quarter ending 31st of March 2013.
· Revenues: EGP 130 million
· Gross Profit: EGP 42.6 million
· Net Income: EGP 6 million
SODIC reported a net consolidated profit of EGP 6 mln (Q1 2012 net profit of EGP 35 mln) on consolidated revenues of EGP 130 mln (Q1 2012 revenues of EGP 312 million) . The drop in revenues y-o-y is attributable to the reduced deliveries during the quarter. The relatively low deliveries during the quarter are as planned, with a significant ramp up in deliveries expected in the second half of the year on the back of multiple projects coming on-stream (Kattameya Plaza, Forty West, The Polygon,The Strip & Casa). SODIC's Management remains confident of achieving the full year delivery targets of more than600 units in FY 2013.
Q1 2013 gross profit stood at EGP 42.6 mln implying a gross profit margin of 33% compared to 27% reported during the correspondent period last year, with margins boosted by delivering high profitability units in Allegria and The Strip. SODIC's net margins were lowered due to the end of a tax-holiday period as at 31 December 2012.
Following a record FY 2012 gross sales of EGP 1.8 bln, SODIC's robust sales momentum continues strongly into 2013, achieving YTD gross sales of EGP 862 mln. In addition, by the end of May SODIC plans to launch the first phase of Eastown, its long-awaited project in New Cairo.
--End--
About SODIC
SODIC is one of the region's leading real estate development companies and is currently developing a number of large and diversified projects in Egypt. SODIC's developments range from residential projects of different types to retail, commercial and large scale mixed-use city centres in east and west Cairo. SODIC is listed on the Cairo Stock Exchange (Ticker OCDI). For more information please visit www.sodic.com.
For more information contact:
Ahmed Kamal, Rowaidah Bibers or Mona Seif at TRACCS Egypt
Tel: (+202) 3304-6870 Fax: (+202) 3303-1219
Email: Ahmed.Kamal@traccs.net - rowaidah.bibers@traccs.net - mona.seif@traccs.net
© Press Release 2013
