Sixth of October Development & Investment Company (Sodic), a top real estate development company in Egypt, has posted a net profit of EGP51 million ($8.94 million) on revenues of EGP123 million for the first half of 2010.

Sodic is beginning to reap the benefits of over EGP4 billion of unrecognized contracted sales achieved over the last three years that are yet to be recognized in the company’s income statement as it delivers its backlog of sold units, a company statement said.

“We are finally reaping the results of our strong performance over the last few years demonstrated by unrecognized contracted sales of EGP4 billion and strong ahead of schedule execution of our sold projects,” said Maher Maksoud, Sodic managing director.

“2010 is proving a milestone year for Sodic across all levels. We have a more capable and stronger management team that can handle a multitude of projects.”

“We have expanded our diversified land-bank by 25 per cent to reach some 7.5 million sq m with the addition of our investments in Syria and Mansoura,” he added.

“Our uniquely diversified portfolio of inventory that includes residential, retail and commercial has helped spur our strong contracted sales performance which reached EGP1.5 billion in 2010 to date compared to some EGP800 million for the full year 2009,” Maksoud continued.

“Looking forward, we are planning to launch several projects during the rest of the year which include Esplanade, a residential apartment development in Eastown designed by Nabil Gholam comprised of 160,000 sq m of BUA (built-up area), as well as Eastown Square, a commercial development in Eastown designed by OMA comprised of 80,000 sq m of BUA of offices and retail,” Maksoud said.

“With regards to our newest investments, we are starting construction of our 28,000 sq m GLA Mansoura Retail Center with the plan to have it operational by early 2012. In Syria we are starting construction mobilization of the Telal Al Yasmin project in October and expect delivery in 24 months. We are also launching a new project during first quarter 2011 that is planned to be developed over a 500,000 sq m plot,” he concluded. – TradeArabia News Service