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Thndr Claps » EGY Claps » Earnings 📈 » SODIC FY-2022 profits down 40% on an annual basis

SODIC FY-2022 profits down 40% on an annual basis

by Shams Abbas
February 9, 2023

The Clap
Despite record-breaking contracted sales, SODIC faced a steep 40% YoY decline in net profits in 2022.

What
The decline in profits was attributed to the allocations made to counteract the negative effects of the EGP devaluation.

So what
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.

Now what
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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