Sixth of October Development & Investment

SODIC is engaged in real estate development projects and operations. The Company is specialized in lands acquisition and subdivision for the purpose of properties development, selling or leasing, construction and integrated construction activities and operations as well as other supplementary works, building, selling and leasing all various kinds of real estate properties, urban communities development, working in the field of tourist development and in all tourist establishments field including building, managing, selling or utilizing hotels, motels, restaurants and tourist villages, as well as sporting, entertainment, medical and educational buildings.
Financial Performance:
SODIC reported net consolidated loss of EGP 120 million on consolidated revenues of EGP 114 million for H1 2011. Losses incurred are due to the reversal of previously booked revenues related to two large exceptional transactions. SODIC witnessed a 330% increase in Units delivered in Q2 vs. Q1 and a 4% increase in new contracted sales in Q2 vs. Q1. Cash collection rates improved by 7% while a number of austerity measures were successfully implemented to address the current market conditions.