Press releases

SODIC (“Sixth of October Development & Investment Company”) and all its subsidiaries are moving forward with all of the Company’s previously planned projects.

SODIC’s well positioned healthy balance sheet is able to withstand the current situation, as well as allow the Company to scan the market for new development opportunities due to:

• Cash position (EGP780 million in cash)
• Limited debt (EGP90 million)
• Land installments (EGP192 million payable over next 5 years)
• After deducting all obligations (debt and land installments) from cash, net cash at bank amounts to EGP505 million)
• Revenues that are yet to be recognized in the Company’s Income Statement from units sold and yet to be delivered (EGP4.0 billion)
• Cash flows (EGP2.0 billion in receivables).

SODIC remains:

• Committed to seeing all planned projects through
• Committed to retaining all our employees
• Committed to unit delivery dates
• Committed to construction timelines
• Committed to suppliers timely payments

SODIC directly employs 1,965 and indirectly 6,985 on its projects. Our total investment budget for 2011 is EGP 1.2 billion to be spent on Egyptian contractors, raw materials, designers, consultants, and advertising agencies. New project launches in 2011 will create an additional 1,500 jobs in initial stages.

Operational Review:

• Construction is ongoing for all our projects, and all projects are on schedule to be delivered on time.
•  Our facility management team is fully mobilised in our Beverly Hills community, Sheikh Zayed City, providing full security to the project's residents.
• Maintaining all original launch dates for our 2011 projects in Egypt which include:
  • Eastown Square (Commercial and Retail) in East Cairo
  • Eastown Business Park (Commercial) in East Cairo
  • Esplanade (Residential) in East Cairo

• Our Syria team continues to work on the development of our two projects planned to be launched early Q2 2011 according to our original schedule:
  • Telal El Yasmine (Residential) in Syria
  • Plot 70 (Mixed Use) in Syria

• We are finalising our full 2010 financial statements and are planning to issue them by the end of February.