Egyptian developer Sixth of October Development and Investment Company (SODIC) made first half net profit of LE 51 million ($8.9 million), according to a company statement released Wednesday. SODIC said it is planning to launch a new project during the first quarter of 2011 that will be developed over a 500,000 square meter plot. The real estate firm, which does not fully recognize revenues until it delivers units, previously said it made a loss of LE 20.8 million in the same period a year earlier. SODIC recorded revenues of LE 123 million, and said it is “beginning to reap the benefits of over LE 4 billion of unrecognized contracted sales achieved over the last three years… and are expected to be recognized over the next three years as the company delivers its backlog of sold units.” Maher Maksoud, SODIC managing director, said, “We have expanded our diversified land-bank by 25 percent to reach some 7.5 million square meters with the addition of our investments in Syria and Mansoura.” The company said it is planning to launch this year projects including Esplanade, a residential apartment development in Eastown and Eastown Square, a commercial development in Eastown. SODIC will begin construction on its Mansoura Retail Center, which should be operational by early 2012. And in Syria, the Telal Al Yasmin project is expected to be delivered in 24 months.
