Egyptian developer SODIC says 2013 sales revenue up 69 pct y/y

CAIRO Tue Feb 11, 2014 10:47am EST

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CAIRO Feb 11 (Reuters) - Egyptian property developer SODIC's sales revenues were 2.7 billion Egyptian pounds ($388 million) in 2013, up 69 percent from the previous year, managing director Ahmed Badrawi said.

SODIC, one of Egypt's biggest real estate companies, invested around 900 million pounds last year and aims to invest at least the same amount this year, Badrawi said on the sidelines of an investment event on Tuesday.

This would depend on reaching a final settlement with the government on its Eastown scheme in New Cairo, a development of offices, shops and homes twice the size of London's 97-acre Canary Wharf district.

The company had a long legal dispute over the project with the government, which sought to revoke SODIC's rights over its east Cairo tract because of delays in development. SODIC won a court case and kept the land but some administrative procedures are still pending.

SODIC's nine-month net profit fell almost 40 percent year on year to about 80 million pounds in the first nine months of 2013, the company said in November. ($1 = 6.9613 Egyptian pounds) (Reporting by Ehab Farouk; Writing by Shadia Nasralla; Editing by Anthony Barker)

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