Latest news with #AymanAmer
Zawya
13-05-2025
- Business
- Zawya
SODIC signs revenue-sharing agreement to develop 1,000 feddans in Egypt's New Sphinx City
Egypt - Sixth of October for Development and Investment Company (SODIC) has signed a revenue-sharing agreement with Rula for Land Reclamation to develop a 1,000-feddan land plot in New Sphinx City, located in West Cairo. The strategically situated plot lies at Kilometer 54 in New Sphinx City, just 15 minutes from SODIC West, the company's flagship mixed-use development in the area. The project planned for the site is expected to generate over EGP 353bn in sales. Under the terms of the agreement, Rula will receive a 21% share of the project's revenues, with the remaining 79% allocated to SODIC. Commenting on the deal, Ayman Amer, SODIC's General Manager, stated: 'The 1,000-feddan plot is an exciting addition to SODIC's portfolio in West Cairo, a market where SODIC has always held a strong fort as a distinguished developer of upscale homes. The newly acquired plot has doubled SODIC's undeveloped land bank from 4 million sqm to over 8 million sqm.' The agreement reinforces SODIC's position as a key player in the West Cairo real estate market and underscores the company's strategy to expand its land portfolio in high-growth areas.
Daily News Egypt
13-05-2025
- Business
- Daily News Egypt
SODIC signs revenue-sharing agreement to develop 1,000 feddans in New Sphinx City
Sixth of October for Development and Investment Company (SODIC) has signed a revenue-sharing agreement with Rula for Land Reclamation to develop a 1,000-feddan land plot in New Sphinx City, located in West Cairo. The strategically situated plot lies at Kilometer 54 in New Sphinx City, just 15 minutes from SODIC West, the company's flagship mixed-use development in the area. The project planned for the site is expected to generate over EGP 353bn in sales. Under the terms of the agreement, Rula will receive a 21% share of the project's revenues, with the remaining 79% allocated to SODIC. Commenting on the deal, Ayman Amer, SODIC's General Manager, stated: 'The 1,000-feddan plot is an exciting addition to SODIC's portfolio in West Cairo, a market where SODIC has always held a strong fort as a distinguished developer of upscale homes. The newly acquired plot has doubled SODIC's undeveloped land bank from 4 million sqm to over 8 million sqm.' The agreement reinforces SODIC's position as a key player in the West Cairo real estate market and underscores the company's strategy to expand its land portfolio in high-growth areas.
Zawya
12-05-2025
- Business
- Zawya
SODIC signs revenue share agreement to develop 1,000 feddans in West Cairo
Cairo, Egypt: Sixth of October for Development and Investment Company "SODIC", has signed a revenue share agreement with Rula for Land Reclamation for the development of a 1,000 feddan land plot in New Sphinx City, West Cairo. The newly acquired plot is strategically located at Km 54 in New Sphinx City, a mere 15 minutes away from SODIC West, the company's flagship mixed-use development in West Cairo. The project intended to be developed on the plot is expected to generate over EGP 353 billion in sales. The signed agreement grants Rula a 21% share of the project's revenues, while the balance represents SODIC's share. The signing ceremony was attended by Eng. Ayman Amer, SODIC's General Manager, Eng. Tony Freiji, Chairman of Rula for Land Reclamation (Friji & Partners), along with senior executives from both companies. Ayman Amer, SODIC's General Manager, commented on the signing: 'Today's signing marks an important milestone for SODIC. The 1,000 feddan plot is an exciting addition to SODIC's portfolio in West Cairo, a market where SODIC has always held a strong fort as a distinguished developer of upscale homes. The newly acquired plot has doubled SODIC's undeveloped land bank from 4 million sqm to over 8 million sqm.
Daily News Egypt
07-05-2025
- Business
- Daily News Egypt
CIB Egypt extends EGP 2.45bn bridge loan to SODIC for North Coast ‘June' project
Commercial International Bank (CIB) Egypt has signed an EGP 2.45bn bridge loan agreement with Sixth of October Development and Investment Company (SODIC), a leading real estate developer in Egypt. The facility is designated to finance construction work on SODIC's flagship 'June' project, located in the prime Ras El Hekma area along Egypt's North Coast. This bridge loan constitutes the initial phase of the project's broader financing strategy, which will include a full funding model to support development costs and related expenditures. The goal is to fast-track project implementation, with unit handovers expected to begin in the second half of 2025. Spanning 280 feddans, 'June' is a high-end coastal development that will feature a mix of residential villas, hotel-serviced apartments, a seafront promenade, and a beach club. The project will also host a Tribute Portfolio hotel, a brand under Marriott International, reinforcing its appeal as a luxury destination. Amr El Ganainy, Deputy CEO and Executive Board Member of CIB, stated: 'We are proud to collaborate with SODIC, one of Egypt's foremost real estate developers. This bridge loan represents the first step in financing the June project, and aligns with our strategic focus on supporting high-caliber real estate initiatives. Our partnership with SODIC reflects a shared commitment to delivering quality developments that contribute to the sector's growth.' Ayman Amer, General Manager of SODIC, commented: 'This facility agreement with CIB, one of Egypt's most prominent financial institutions, underscores our strong financial fundamentals and the trust we've cultivated with our banking partners. It also affirms SODIC's credibility in meeting its commitments. We look forward to continued cooperation with CIB as we expand our footprint and drive future growth.' The collaboration between CIB and SODIC is expected to play a key role in shaping the next phase of high-end real estate development on Egypt's North Coast, particularly in the fast-rising Ras El Hekma area, which has seen significant investor interest.
Zawya
29-04-2025
- Business
- Zawya
SODIC displays 143% growth in net profit YoY and 50% increase in revenues
Cairo, Egypt: Sixth of October Development & Investment Company 'SODIC' has released its consolidated financial results for the period ended 31st of March 2025. Operational & Financial Highlights Net cash collections reached EGP 4.3 billion for the period, this compares to collections of EGP 3 billion recorded during the first quarter of 2024. SODIC delivered 148 units during the first three months, of which 95 were in East Cairo projects, while West Cairo accounted for 53 of the delivered units. This compares to 236 units delivered during the same quarter of 2024. CAPEX spent on construction during 2025 amounted to EGP 1.8 billion, compared to EGP 1.4 billion spent during the same period last year. Revenues of EGP 2.8 billion were recorded during the period, representing a 50% Increase compared to EGP 1.8 billion of revenues recorded during the same period last year. Revenues were driven by deliveries in West Cairo projects which accounted for 62% of SODIC's deliveries by value. West Cairo project Six West separately accounted for 52% of the value delivered during the first quarter of 2025. East Cairo contributed 38% of the delivered value. Gross profit came in at EGP 1.8 billion, implying a gross profit margin of 65%, and gross profits recorded a 173% growth YoY. Operating profit of EGP 1.3 billion was recorded during 2025, reflecting an operating profit margin of 48% growing 255% YoY. Net profit after tax and non-controlling interest came in at EGP 951 million, implying a net profit margin of 35% and EPS of EGP 2.67. SODIC continues to maintain a strong liquidity position with total cash and cash equivalents amounting to EGP 4.4 billion. Bank leverage remains low, with bank debt to equity standing at 0.33x. Bank debt outstanding amounted to EGP 4.1 billion as of 31 March 2025. Debt to equity amounted to 0.33x at year-end 2024, with EGP 4.8 billion of outstanding debt. Total receivables stood at EGP 80.9 billion, of which EGP 17 billion are short-term receivables providing strong cash flow visibility for the company. A total of EGP 9.1 billion of receivables are reported on the balance sheet, reflecting only the receivables related to delivered units already recognized as revenue. On the other hand, some EGP 71.8 billion of receivables are related to undelivered units. SODIC's total backlog of unrecognized revenue stood at EGP 87.4 billion as of 31 March 2025, providing strong revenue visibility for the company. Commenting on the results Ayman Amer SODIC's General Manager said 'We are happy to report a strong set of financial results for the first quarter of 2025, marked by substantial growth in revenues and profits. This achievement further underscores our steadfast commitment to creating sustainable value that will drive our strategic growth and future expansions. We look forward to another year of growth and record-breaking achievements." About SODIC SODIC is one of the region's leading real estate development companies, with a distinguished track record of over 28 years of successful operations in West Cairo, East Cairo, and the North Coast. SODIC brings to the market award-winning developments that cater to the country's ever-growing need for high-quality residential, commercial, & retail property as well as large-scale mixed-use developments and vibrant communities that are home to over 30,000 people today. SODIC flagship and signature developments include Allegria, Forty West, The Polygon and The Estates in West Cairo, Villette and EDNC in New Cairo as well as June, Caesar and Ogami on Egypt's North Mediterranean Coast. SODIC is listed on the Egypt's Stock Exchange since 1996 under For more information, please visit
