The managing director of the Six of October Development and Investment Company’s (SODIC) Ahmed Badrawi announced Wednesday that the company’s sales revenues marked a 69% year on year rise to EGP 2.7bn, (approximately $388m) in 2013.
Ashraf Farid, executive director of the operations department, said the company intends to invest EGP 1bn over 2014, Al-Borsa newspaper reported.
In December, the company signed an EGP 900m syndicated medium-term loan with four Egyptian banks, led by the Arab African International Bank (AAIB) as senior mandated lead arranger and facility agent.
The company relies on its own resources to finance its projects while the remaining 40% is provided by customers’ down payments and bank loans.
Farid said the company’s investments in the Eastown project, located in New Cairo, have reached EGP 400m. The project is facing some bottlenecks as its utilities have yet not been installed and bookings were halted about four months ago.
The company has been facing a legal dispute with the New Urban Communities Authority (NUCA) over its land bank, but a court ruling in April gave it the right to keep its disputed land.
SODIC is currently among the companies competing over the land bank offered for sale by NUCA.