Sodic, Egypt's third-largest listed property group, reported a 37.4 per cent rise in nine-month net profit on Tuesday on the back of strong sales as one of its property developments came on to the market.

The company said net contracted sales for the third quarter rose 34 per cent from the same period last year.

"The strong sales came on the back of the launch of Eastown Residences Phase VII which fully sold out contributing 353 million Egyptian pounds ($49 million) to year-to-date sales," it said in a statement.

Sodic, also known as Sixth of October Development and Investment Company, said nine-month net profit rose to 109.71 million Egyptian pounds ($15.34 million) from 79.86 million Egyptian pounds ($11 million) a year earlier.

Egypt's once-booming construction sector was hit hard by the 2011 revolt that ended Hosni Mubarak's 30-year rule as this also ushered in a period of economic and political volatility. Many large real estate contracts were cancelled in the wake of the revolt and investment dried up.

Three years on, the economy is showing the first signs of recovery, bringing an uptick in demand for property.

Sodic said earlier this month it had completed a 1 billion Egyptian pounds ($139 million) capital increase to help finance new projects as the country's real estate market begins to recover.

It said the fundraising had taken its issued capital to 1.35 billion pounds from 362.71 million pounds and raised shareholder equity by about 47 per cent.

Sodic managing director Ahmed Badrawi told Reuters last month that two-thirds of the money would be invested in a new project in the upscale Cairo area of Heliopolis.

The rest will go to new land the developer is seeking to buy on the northern coast or outside the sprawling capital, he said.

In May, US private equity firm Ripplewood acquired a near 10 per cent stake in Sodic.-Reuters