Sodic's Q1 net contracted sales up 64pc

Sodic, one of the region’s leading real estate development companies, has started the year in a big way closing the first quarter with E£1.2 billion ($78 million) net contracted sales booked. The company's net contracted sales grew by a solid 64 per cent during the first quarter on the back of three launches with E£1.7 billion ($110 million) worth of inventory introduced in February and March of 2017. The first quarter saw the launch of two new projects - One16, a premium apartment offering in Sodic West, and October Plaza launched on the 30-acre plot in the 6th of October region. In addition, a new phase of Eastown Residences in New Cairo was launched in March this year. The three launches displayed solid performance with sales growth reflecting both volume and price increases. The company reported the contracting of 340 units compared to 227 for the same period last year. In addition to the growth in volumes, a 20 to 30 per cent increase in pricing post devaluation boosted sales for the quarter. Cancellations remained low at 5 per cent. In line with the company’s stellar reputation for timely deliveries, 399 units have been delivered during the quarter. This compares to 102 units during the same period last year displaying a threefold increase. Eastown dominated the delivery mix accounting to over 60 per cent of the units delivered. Commenting on the results, CEO Magued Sherif said: "This has been a good start to the year with a very fluid economic situation in the backdrop, once again reflecting the resilience of the Egyptian real estate market and the depth of genuine demand." "Our brand continues to differentiate us and the strength of our balance sheet strongly supports our aggressive growth strategy. We look forward to another year of outstanding performance,"