Despite record-breaking contracted sales, SODIC faced a steep 40% YoY decline in net profits in 2022.
The decline in profits was attributed to the allocations made to counteract the negative effects of the EGP devaluation.
It’s important to note that the revenues of real estate companies often lag behind their contracted sales, as revenue is only recorded upon completion or delivery of a certain percentage of a project.
SODIC’s Managing Director remains confident in the future performance of the company, citing strong demand in the real estate sector.
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