Egypt's property developer SODIC has reported on Wednesday a 77 percent year-on-year growth in gross contracted sales to 6.67 billion Egyptian pounds ($352.3 million). Gross profit also rose 44 percent year-on-year increase to 941 million pounds on the back of higher revenues to record 652 million pounds, reflecting a gross profit margin of 34 percent. This compares to a gross profit of 652 million pounds and a gross profit margin of 35 percent recorded during the first half of 2021. Operating profit inched up by 33 percent year-on-year to 387 million pounds, implying an operating profit margin of 14 percent. Net profit after tax and non-controlling interests saw a 31 percent year-on-year growth to 292 million pounds, marking, delivering a net profit margin of 11 percent. SODIC sold 1,018 units during the first six months of 2022. This is an achievement of 48 percent of the company's 2022 gross contracted sales target of 14 billion pounds, with the company targeting a growth of 23 percent over the 2021 financial year sales. Gross contracted sales during the period were diversified between SODIC's main markets, with West Cairo accounting for 29 percent of sales mainly driven by the Estates Residences company's latest project. East Cairo contributed 35 percent of the period's gross contracted sales on the back of strong absorption of newly released inventory on Villette. The strong performance continued of June led to the North Coast accounting for 36 percent of sales during the period. SODIC delivered some 464 units during the period, of which 355 were in East Cairo projects, while West Cairo and North Coast projects accounted for 99 and 10 of the delivered units respectively. This compares to 264 units delivered during the first six months of 2021. Deliveries on 655-acre flagship SODIC East projects started during the year, with the company delivering 135 units as of 30 of June 2022. Revenues of 2.73 billion pounds were recorded during the first six months of 2022, representing a 46 percent increase compared to 1.87 billion pounds of revenues recorded during the same period last year. Revenues were mainly driven by deliveries in East Cairo projects which contributed 75 percent of the period's delivered value, led by Villette's Sky Condos and SODIC East, which respectively contributed 28 percent and 26 percent of the period's delivered value. Furthermore, West Cairo and North Coast projects contributed 23 percent and 2 percent of the delivered value during the six months period respectively.
This represents a 33 percent growth over an operating profit of 292 million pounds and an operating profit margin of 16 percent recorded during the same period last year. Net profit after tax and non-controlling interests came in at 292 million pounds, growing 31 percent from the 223 million pounds recorded during the first half of 2021. Net profit margin decreased slightly from 12 percent in 1H 2021, to reach 11 percent in 1H 2022, affected by the large volume of early phase deliveries in SODIC East during Q2 2022.
