Egyptian real estate development company Sixth of October Development and Investment Co. (SODIC) has announced that its subsidiary, Al Yusr for Projects and Real Estate Development, has finalized a medium-term credit facility agreement worth 2.75 billion Egyptian pounds ($88.9 million) with Arab African International Bank. The facility will be utilized to finance a portion of the cost associated with The Estates project in West Cairo. This strategic move aligns with SODIC's goal of increasing financial leverage to enhance returns and is a testament to the company's exceptional financial performance and robust cash flow.
SODIC reported a combined net profit of $14 million for the period ending on September 30, 2022, indicating substantial growth compared to the previous year. With over twenty-five years of experience, SODIC has established itself as a prominent real estate development company in Egypt, known for its customer-centric approach, innovative spirit, and vibrant communities.