Back to the complete issue
Wednesday, 25 August 2021

SODIC net income almost triples in 2Q2021

EARNINGS WATCH- SODIC’s net income after minority interest almost tripled y-o-y in 2Q2021, reaching EGP 122 mn compared to EGP 42 mn in the equivalent period last year when the covid lockdown hit the company’s sales, according to the company’s earnings release (pdf). Revenues rose 39% to EGP 1 bn from EGP 735.6 mn in 2Q2020.

The lockdown quarter was tough on the company: The company’s net income fell 77% during 2Q2020, which coincided with the government’s three-month lockdown during the initial wave of the coronavirus. Gross sales slumped 33% as consumer demand fell and cancellations rose.

It was a different story in 2021: Gross contracted sales rebounded in 2Q2021, nearly doubling to EGP 1.9 bn from last year. More than half of sales were in the company’s The Estates and Karmell developments in west Cairo, while the remaining 48% were in east Cairo. The SODIC East project was the single-biggest contributor to earnings, accounting for 29% of the company’s sales. Cancellation rates were slightly down from 2Q2020, representing 10% of total gross contracted sales, down from 13% last year.


Pharos Securities has its name changed to Al Ahly Pharos Securities, according to an EGX statement (jpg) out this morning. The brokerage was sold to National Bank of Egypt-owned Al Ahly Capital in late 2019 in a transaction reportedly worth EGP 120 mn.


The EGX30 rose 1.04% at today’s close on turnover of EGP 2.3 bn (38.2% above the 90-day average). Regional investors were net buyers. The index is up 2% YTD.

In the green: Pioneers Holding (+8%), AMOC (+8%) and Egyptian for Tourism Resorts (+6.7%).

In the red: Egypt Kuwait Holding (-1.1%), Cleopatra Hospitals (-0.7%), and Raya Holding (-0.4%).

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.