Egyptian real estate developer SODIC said on Sunday that gross contracted sales rose 2 percent year-on-year to reach 7.4 billion Egyptian pounds ($471 million)
Of this 1,361 units sold were residential, which clocked a 19 percent y-o-y rise, the company said in a statement. Non-residential sales accounted for 3 percent of the developer’s gross contracted sales in 2020 versus 17 percent in 2019, in line with the company’s strategy to grow residential sales while retaining prime commercial assets for lease.
SODIC’s West Cairo developments accounted for 61 percent of gross contracted sales in 2020, while East Cairo projects contributed 39 percent.
CEO Maged Sherif said: “The company’s proven track record, strong financials and disciplined approach have allowed us to safely weather a very difficult year. We are very pleased to deliver a strong set of results which comes as a testament to SODIC’s credibility and leadership in the market.”
In its guidance for 2020, the company had said it was targeting 8.4 billion, at a growth of 15 percent.
Sherif had said late last year that the coronavirus pandemic had made it hard to achieve the contracting target for 2020, Reuters reported.
In its last financial statement, the developer had said there were cancellations worth 479 million pounds in the Q3-2020, or 22 percent of the quarter’s gross sales.
(Writing by Brinda Darasha; editing by Daniel Luiz)
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.
© ZAWYA 2021