Sixth of October Development & Investment Company (SODIC) released its financial results for 2013, reporting EGP 229m in net profits. The company said it witnessed a significant accounting loss in 2012 due to one-off cancellations and a 100% impairment of its investment in Syria. "Before accounting for those one-offs, SODIC's normalised gross profit for the period ending 31 December 2013 came in at EGP 535m, 8% increase year on year (YoY), on consolidated revenues of EGP 1,566m, 10% increase YoY, reflecting a gross profit margin of 34% and a normalised net income of EGP 229," the company said in an official statement. The company called 2013 an extremely positive year, citing "record-breaking results in terms of sales, collections, deliveries, and new project launches". The company sold over 1,400 units, marking EGP 2.7bn in new sales. SODIC pointed out that it recorded the highest number of deliveries, with a 55% growth YoY. The company added that its cash collection during 2013 increased by 70% YoY and reached EGP1.2bn. SODIC has settled its dispute with the New Urban Communities Authority (NUCA), agreeing to pay EGP 900m over a period of seven years in return for "dropping all outstanding legal disputes on SOREAL [a 100% SODIC owned company] and agreeing on a new development time frame of up to five years, starting from the date of the agreement". In February, Managing Director of SODIC Ahmed Badrawi announced that the company's sales revenues marked a 69% year on year rise to EGP 2.7bn, (approximately $388m) in 2013. Ashraf Farid, executive director of the operations department, also told Al-Borsa newspaper that the company intends to invest EGP 1bn over 2014.
