Egypt's anti-drug body launches new awareness phase in Maspero Triangle    Agiba Petroleum starts production from Arcadia-28 at 4,100 BOE/day    Minister El-Shimy pushes for stronger returns, partnerships in real estate, construction sectors    Apparel, textile chambers engage with Chinese delegation to explore investment opportunities in Egypt    Egypt reviews health insurance funding mechanism to ensure long-term sustainability    Obama calls for aid access to Gaza, says 'no justification' for withholding food    Gaza on verge of famine as war escalates, ceasefire talks stall    Gaza crisis, trade on agenda as Trump hosts Starmer in Scotland    Egyptian president follows up on initiatives to counter extremist thought    Indian Embassy to launch cultural festival in Assiut, film fest in Cairo    Egyptian aid convoy heads toward Gaza as humanitarian crisis deepens    Culture minister launches national plan to revive film industry, modernise cinematic assets    Sudan's ambassador to Egypt holds reconstruction talks on with Arab League    UK pay settlements stagnant amid inflation surge    I won't trade my identity to please market: Douzi    Sisi calls for boosting oil & gas investment to ease import burden    EGX to close Thursday for July 23 Revolution holiday    Egypt welcomes 25-nation statement urging end to Gaza war    Sisi sends letter to Nigerian president affirming strategic ties    Egypt, Senegal sign pharma MoU to unify regulatory standards    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt, Somalia discuss closer environmental cooperation    Egypt foils terrorist plot, kills two militants linked to Hasm group    Egypt's Health Min. calls for enhanced healthcare access    Foreign, housing ministers discuss Egypt's role in African development push    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



SODIC achieves total revenues of EGP 703m in Q1
SODIC records triple digit growth in profit, estimated at EGP 211m
Published in Daily News Egypt on 16 - 05 - 2017

Sixth of October Development and Investment Company (SODIC) achieved EGP 703m revenues, up 275% year-on-year (y-o-y), according to its consolidated financial results for the first quarter (Q1) 2017 on Tuesday.
SODIC has achieved a net profit estimated at EGP 211m, up 312% y-o-y, with a net profit margin of 30%.
The report added that the company's cash balance reached EGP 2.8bn.
Maged Sherif, managing director of SODIC, said that the company has delivered 399 units during Q1 2017 and that these deliveries represent an increase of 295% y-o-y, with Eastown Residences and Westown Residences accounting for more than 90% of the units delivered.
Sherif noted that the triple digit growth in revenues reflects the ramp up in delivered units. Revenues were bolstered by deliveries in Eastown Residences and Westown Residences that accounted for more than 80% of the delivered value.
He pointed out that the gross profit increased 240% y-o-y to reach EGP 259m, reflecting a gross profit margin of 37%.
He attributed the decline in margins during Q1 to the effect of the delivery of the early phases of Eastown that began in May of 2016.
"Operating profit for Q1 rose to EGP 215m, up 330% from the same period last year. Operating margins improved by 3% to 31% as revenue growth outpaced growth in operating expenses. Solid profitability was delivered with a net income of EGP 211m, up 314% y-o-y. The net profit margin of 30% recorded an improvement of 3% from the same period last year," Sherif added.
Sherif said that SODIC's bank debt to equity ratio remained low at 0.3x at the end of Q1, with bank debt outstanding at EGP 1.2bn. A medium-term facility package in the range of EGP 1.3bn was signed with the Arab African International Bank (AAIB) in March with a maturity of six years.
He continued saying that cash and cash equivalents balance stood at EGP 2.8bn during Q1. The company purchased over EGP 1bn of treasury bills during Q1, securing higher returns on these balances.
SODIC closed the first quarter with a recorded EGP 1.2bn in net contracted sales, showing a strong start for the current year, according to the financial report.


Clic here to read the story from its source.