Egypt's Leading Real Estate Developer As one of Egypt’s largest listed developers of mega urban communities, SODIC’s business model is centred around a commitment to a number of core pillars that define our work, allowing us to create value for our shareholders, clients, partners, and community – all of whom are at the heart of what we do.
2016 was a record year for SODIC, seeing us surpass all our operating and financial targets. The year also witnessed the conclusion of a landmark revenue-sharing deal that doubled our land available for development.
Dear shareholders,
It has been a good year for SODIC. Looking back at the key targets that were set for the SODIC team for 2016, I am very happy to say that the Company has over-delivered on every one of them. We ended 2016 with another outstanding earnings performance and solid operating results, reaffirming our strong position in the real estate market in Egypt.
For two decades, SODIC has demonstrated its ability to differentiate itself as an innovative and credible developer that has successfully catered to Egypt’s increasing demand for residential, commercial, and retail spaces, providing award winning developments at the highest international standards
Solid financial results backed by strong deliveries and robust profitability. Operating performance outpaced targets for the year, reaching all-time highs in sales, collections, and deliveries.
2016 has proven to be an interesting and dynamic year for Egypt, with a wide array of reforms implemented that will surely put the country on the right track for growth. There is no doubt that the devaluation has put pressure on our supply chain. I am pleased that the long-term relationships with our suppliers have ensured that we have been able to work through these issues with little disruption to our business, with deliveries remaining on track at 1,060 units in 2016.
Net contracted sales grew by a solid 28% to EGP 5.6 billion in 2016, reflecting a strong uptake across all company projects, particularly East Cairo developments. Villette and Eastown were key drivers of growth this year, contributing c.60% to net contracted sales. SODIC West was also a strong performer, contributing some 28% to net contracted sales.
Revenues rose a solid 41% to EGP 2.1 billion driven by on-schedule deliveries across all our projects, with Eastown Residences’ first homes being the main driver of growth and contributing 33% of the value of delivered units.
