The Sixth of October Development and Investment Company (SODIC) revealed that its subsidiary — the Sixth of October Development and Real Estate Projects Company (SOREL) — has signed a credit facility contract worth EGP 600m with Al-Ahli United Bank.
The company explained that the signing of the credit contract for deducting checks — or “receipt papers” — represents future instalments for units that were delivered in the East Town Residences Project in East Cairo.
SODIC started the first quarter (1Q) of this year with strong sales, and the company is expected to achieve EGP 11.5bn in contractual sales by the end of 2022, according to Al-Ahly Pharos Research Centre.
Furthermore, SODIC achieved an increase in sales during 1Q of this year by 102.2% to reach EGP 3.7bn by selling 573 units from the company’s projects.
Projects in western Cairo accounted for 36% of sales, supported by the launch of The Estates Residences Project in 1Q of this year, while eastern Cairo and North Coast projects contributed 34% and 30%, respectively.
SODIC also delivered 165 units, compared to 120 units in the comparative quarter of the previous year, with a growth of 37.5%, including 42 units in western Cairo projects, 116 units in eastern Cairo projects, and seven units in the North Coast.
Additionally, total investment expenditures amounted to EGP 634m, compared to EGP 776m in 1Q of the previous year.
SODIC’s profits also increased by 126%, achieving a net profit of EGP 266m, compared to EGP 100.5m.