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Egypt's SODIC announces LE570 million sales for September

Leading property developer announces strong sales figures, but experts say cancellations may cancel any surge in profits

Ahram Online, Monday 17 Oct 2011
Views: 871
Views: 871

Egypt's third-biggest listed property developer, SODIC, contracted LE750 million worth of sales in September 2011, the firm announced on Sunday.

The high-end real estate firm will officially announce the exact value of new sales and cancellations during the release of its 3Q2011 financial statements. SODIC does not realise profits on sold units until it completes construction.
Shares in SODIC on the Egyptian stock exchange rose 6.68 per cent on Sunday on the back of the news, but commentators urged caution over the reported sales figures.
"The sales figure announced today is not the exact actual amount," said a note from Beltone Financial, an investment bank. "The LE570 million figure announced does not include cancellations."
SODIC saw negative net sales in the first quarter of 2011, with new sales of LE348m and cancellations of LE384m.
"We believe that net sales figure for 9M2011 [September] will be significantly lower than LE570 million if we incorporate the cancellations figure," said Beltone.
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