Cairo – Mubasher: The consolidated net profits attributable to the shareholders of the Six of October Development and Investment (SODIC) hit EGP 547.57 million in the first nine months (9M) of 2023.
The generated net profits were up year-on-year (YoY) from EGP 433.51 million, according to the consolidated financial statements.
Total revenues went up by 7% to EGP 4.97 billion in 9M-23 from EGP 4.65 billion in 9M-22, mainly driven by deliveries in East Cairo projects which contributed 52% of the period’s delivered value.
The EGX-listed firm sold 1,396 units during 9M-23, generating gross contracted sales of EGP 19.80 billion, which is higher by 67% YoY than EGP 11.80 billion.
Earnings per share (EPS) amounted to EGP 1.54 in January-September 2023, up YoY from EGP 1.22.
Total assets enlarged to EGP 35.98 billion in 9M-23 from EGP 30.38 billion as of 31 December 2022.
Standalone Business
SODIC shifted to non-consolidated net profits after tax valued at EGP 241.74 million in 9M-23, compared to net losses worth EGP 162.85 million in the year-ago period.
The company generated revenues standing at EGP 3.04 billion as of 30 September 2023, marking an annual surge from EGP 2.02 billion.
Meanwhile, the EPS reached EGP 0.68 in 9M-23, versus a loss per share of EGP 0.46 in 9M-22.
Financials for Q3-23
During the third quarter (Q3) of 2023, the company logged consolidated net profits attributable to the owners valued at EGP 212.48 million, versus EGP 141.78 million in Q3-22.
The revenues hiked to EGP 2.05 billion in Q3-23 from EGP 1.92 billion a year earlier, while the EPS increased to EGP 0.60 from EGP 0.40.
Non-consolidated net profits after tax amounted to EGP 59.16 million in July-September, against net losses of EGP 44.19 million in Q3-22. The revenues jumped to EGP 1.13 billion from EGP 922.14 million.
Ayman Amer, General Manager of SODIC, commented: “During 2023, we have prioritised growing our business while safeguarding profitability, pacing our launches, and revising our pricing strategies, ensuring healthy returns on all our projects.”
“During Q3, we announced plans for the expansion of the Nobu brand in Egypt with the development of luxury hotels, branded residences, and the iconic Nobu restaurant in two of our projects,” Amer noted.
In the six-month period that ended on 30 June 2023, SODIC recorded consolidated net profits after tax worth EGP 341.71 million, an annual rise from EGP 295.71 million, including minority interest.
