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Monday, 25 January 2021

Sodic’s residential sales rose 19% y-o-y in 2020

Sodic shrugged off the covid-19 lockdown to post record gross sales in 2020, the company’s operational results (pdf) revealed yesterday. The company sold more than 1.3k units last year, pushing gross contracted sales to a record EGP 7.4 bn, up 2% y-o-y. The strong figures were driven by residential sales, which rose 19% y-o-y to EGP 7.2 bn. West Cairo projects such as Vye, The Estates, and Karmell accounted for 61% of gross contracted sales while Sodic East and Villete in East Cairo made up the remainder. Sodic met its delivery target during 2020, with some 1,162 units handed over. “The company’s proven track record, strong financials and disciplined approach have allowed us to safely weather a very difficult year.” commented Sodic Managing Director Magued Sherif.

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