SODIC has reported outstanding financial results for 2024, achieving EGP 50.3 billion in gross contracted sales, marking a 66% year-over-year (YoY) growth. Net profit surged by 84% YoY, reaching EGP 2.53 billion, reflecting the company’s strong market position and operational excellence.
Strong Demand for ‘Ogami’ Fuels Growth
The newly launched Ogami project in Egypt’s North Coast was a major contributor to the company’s success, accounting for 49% of total sales with EGP 24.5 billion in contracted sales.
West Cairo projects also performed strongly, contributing 29% of total sales, driven by robust demand for The Estates & Estates Residences.
Key Financial & Operational Highlights
Gross contracted sales: EGP 50.3 billion (+66% YoY)
Cancellations: 2% vs. 4% in 2023
Net cash collections: EGP 15 billion
Units delivered: 1,045
Gross profit: EGP 5.41 billion (+52% YoY), margin 55%
Operating profit: EGP 3.31 billion (+78% YoY), margin 34%
Net profit: EGP 2.53 billion (+84% YoY), margin 26%
Expansion & Strategic Partnerships
April 24: Signed an agreement with Nobu to launch a luxury hotel and restaurant in East Cairo, marking their third partnership in Egypt.
June 11: Partnered with Marriott International to introduce the Tribute Portfolio brand to two hotels in West Cairo and the North Coast.
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September 2: Launched Ogami, featuring an exclusive Nobu Hotel and Residences in the North Coast.
September 27: Opened Eastown District New Cairo (EDNC), the company’s flagship retail destination.
Robust Financial Position & Future Outlook
SODIC maintains a strong liquidity position with EGP 3.4 billion in cash and equivalents. The company also reported EGP 87 billion in unrecognized revenue backlog, ensuring strong revenue visibility for the future.
Ayman Amer, General Manager of SODIC, commented
“We are proud to deliver exceptional results, with record-breaking sales of EGP 50.3 billion and an 84% YoY growth in net profit. Our strong financial and operational performance reinforces our commitment to delivering world-class projects and expanding into retail and hospitality. We look forward to another successful year ahead.”
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