The Clap
SODIC (OCDI) announced a 19% YoY jump in Q3-2022 profits on the back of a 33% jump in revenues.
Profit drivers
SODIC attributed its results to high demand for its north coast project “June”, as well as a big rise in its 9-month contracted sales on a yearly basis.
You should know
There’s a difference between revenues & contracted sales, as the latter is recorded once the unit sale contract is signed, & the former is recorded once the unit is delivered.
In related news
SODIC is still in pursuit of acquiring another Egyptian developer, & offered to acquire Orascom Development’s subsidiary after its bid for Madinet Nasr Housing was rejected.
