SODIC, the Sixth of October Development and Investment Company, has announced a significant increase in profits during 2023. In a statement sent to the Egyptian Stock Exchange, the company revealed that its consolidated financial indicators showed an impressive 162.4% rise in profits compared to the previous year. The net profit during 2023 was 1.378 billion Egyptian pounds, compared to 525.15 million Egyptian pounds in the previous year, taking into account minority rights.
SODIC, which develops real estate projects in Egypt, also recorded a standalone net profit of 456.36 million Egyptian pounds, compared to losses of 477.68 million Egyptian pounds in 2022. During the period from January to September 2023, the company achieved a net profit of 557.05 million Egyptian pounds, compared to 438.74 million Egyptian pounds during the same period in the previous year.
The company’s revenues during the first nine months of 2023 rose to 4.48 billion Egyptian pounds from 4.23 billion Egyptian pounds in the same period of the previous year. The increase in revenues was attributed to the company’s successful strategy of diversifying its project portfolio to include residential, retail, and office spaces. Moreover, the company’s prudent financial management, including cost-cutting measures and efficient utilization of resources, has helped to boost its profitability.
Furthermore, SODIC’s standalone financial statements showed a significant improvement during the first nine months of 2023. The company achieved a net profit of 241.74 million Egyptian pounds, compared to losses of 162.85 million Egyptian pounds in the corresponding period of the previous year. This remarkable turnaround was attributed to the company’s focus on optimizing its operations and enhancing its project execution capabilities.
SODIC’s financial performance during 2023 reflects the company’s resilience in the face of the challenges posed by the COVID-19 pandemic. The company’s ability to adapt to changing market conditions and its unwavering commitment to delivering high-quality projects have helped it to maintain its position as one of Egypt’s leading real estate developers.
