SODIC sees net margin nearly double in 1H2015
SODIC has delivered a strong set of financial and operating results in the first half of the year, putting us well on track to achieve our targets for 2015.
Our projects in East Cairo continue to see strong demand, as reflected in our net contracted sales growing by 32% year-on-year to reach EGP 2 bn. In parallel, our deliveries are on schedule across eight projects.
2Q15 witnessed Westown Hub come on stream as our first fully leasable asset, adding value to our SODIC West developments through its diversified retail offering. With a successful launch event in May and almost 40% of the units operational, the Hub is on target to reaching 60% occupancy by year-end. The project will begin contributing to our top line in 2016 and is expected to generate an estimated EGP 30 million in recurring income once it reaches full occupancy.
Our Mediterranean North Coast plot has been fast-tracked since its acquisition in March, closing the prelaunch development cycle within less than five months and bringing Caesar to the market through the highly successful launch of phase one in August.
Our financial performance remains solid, with profitability on the rise: We recorded EGP 146 mn in net profits during the first half of the year, with the result being a net profit margin of 25% – almost double that of the same period last year. Our cash balance stands at EGP 2 bn, and we remained net debt positive at the end of the period.
You may view our full earnings release here (pdf download).
This message was written by SODIC, proud sponsor of Enterprise’s Speed Round section.