22 May, 2019

THE ISLAND OF IRELAND: AN EID GETAWAY LIKE NO OTHER



Ireland, home to rich culture and history, diverse landscapes and unique activities tempts travellers this Eid Break

Dubai, UAE – May 2019: Ireland’s rolling greens, lush landscape and idyllic weather, coupled with irresistible hotel and experience offers, provide guests with an Eid break like no other. Those with looking for a breath of fresh air, can pack their bags and make use of the extra few days off, to be spent exploring Ireland and all it has to offer.

Starting with the capital city of the Republic of Ireland, Dublin promises to amaze with its vibrant tapestry of attractions, from cultural experiences such as River Dancing and enthralling musical performances, to its engaging culture and friendly locals. Guests can opt to stay at the InterContinental Dublin or at The Westin Dublin, for a guaranteed experience of luxury. Once in the city, guests can make the most of the various ways of getting around, be it by foot, public transport or even kayak. There are a variety of museums, markets and dining destinations to stop by check out making Dublin a trip for the books.


Venturing out a little bit further are a series of beautiful landscapes not to be missed. The oldest city in Ireland, Waterford, founded by Vikings in 914 A.D., calls for guests to visit its greenway and the Mount Congreve House and Gardens, for a breath of fresh air, far removed from city life. The sunny Southeastern county’s most iconic attraction is the House of Waterford Crystal, where visitors are walked through the age old procedures of crystal manufacturing, They will have the chance to learn about and engage with both historical and contemporary production techniques through direct interaction with the craftsmen and audio-visual materials.

Kilkenny located south of Dublin, forms the heart of Ireland’s ancient east, and offers the perfect family getaway. Known for its magical myths and legends, the county is home to the Medieval Mile Museum, where travelers can acquaint themselves with the years of intriguing heritage that stand behind its current appeal. Alternatively, the more adventurous visitors can go deep into Dunmore caves, try their hand at fishing, experience the thrill of the zipline in Castlecomer or visit the charming Nore Valley Farm. The Lyrath Estate Kilkenny offers the ideal space in which to unwind and relax when visiting, whose grounds are spread across 170 acres of Irish countryside, complete with picturesque lakes, historic gardens, and emerald woodlands. The historic 17th Century Estate House is home to 139 unique bedrooms, and some of the best restaurants Kilkenny has to offer.

Further North is county Donegal, made up of castles, rugged coastline and mountains such as the quartzite Mount Errigal. The county provides a getaway for the adventurous with option to surf, hike and more. Deemed the ‘Coolest Place on the Planet for 2017’ by National Geographic Traveller, county Donegal is home to Glenveagh National Park. The park is a nature lover’s paradise, as guests can catch a glimpse of the largest herd of Red Deer in Ireland, over and above the views of the towering Derryveagh Mountains. When in the county, the Dillons Hotel provides the perfect central location from which to start adventures, complemented by a four-course dinner featuring fresh locally sourced produce.

Given the time of year, and the inescapable thrill of final season of Game of Thrones, stopping over in Northern Ireland to catch a glimpse of the filming locations of the show is sure to delight. Home to the most filming locations, Northern Ireland offer tours and dedicated experiences, to ensure that fans can immerse themselves into the wonderful world of Westeros. The ever prevalent Kingsroad awaits, whereby visitors can follow in the footsteps of their favourite characters and drink in the impressive sight of county Antrim’s Dark Hedges. A special Eid offer can be availed on day tours, bringing guests closer to world renowned sight, and in turn to one of the key locations of the show.

When in Northern Ireland, a visit to county Derry/Londonderry, brings with it the chance to admire the City Walls, the Guildhall, Peace Bridge. Each of these iconic landmarks possesses a gripping history to be discovered by travelers, and together put Derry/Londonderry on the map, promising a unique visit. Visitors can make the most of the luxurious Shipquay Hotel’s offer, providing a two-night stay, complemented by breakfast every morning and sumptuous three course meal to be savoured on one of the days. Located just outside its walls, are the Richmond shopping centre and Foyleside shopping centre, allowing for guests to stroll through an pick up souvenirs galore for the friends and families.

With all the offers to be availed and the experiences to be enjoyed, Ireland offers families and friends an unmissable escape this Eid break.

For more information, visit: http://www.ireland.com/


Fact Box




Hotel: InterContinental Dublin
About: Discover a stylish sanctuary at the 5 Star InterContinental Dublin. Guests can choose from the luxurious spacious Suites that are perfect for a city getaway.

Package: Suite Retreats

Price: €420.00 per room

Offer:


Full Irish Breakfast in Seasons Restaurant.


Complimentary late check out until 2pm.


€100 Food credit to spend throughout your stay.


Private shopping appointment with Brown Thomas, complimentary refreshments provided and a Gift of a luxury candle from Rathbornes, Ireland’s oldest candle maker.


Complimentary two-way transfer in our courtesy car to Brown Thomas. Subject to Availability.


Complimentary access to health club with 14m lap pool, sauna, stream room and Jacuzzi.


Complimentary WIFI.

Note:


Platinum VIP Airport arrival and departure service can be arranged at an additional fee with the inhouse concierge.


The concierge can devise an itinerary for a city break in advance of arrival.


Spa treatments are also available to book in advance.




Hotel: The Westin Dublin
About: The Westin Dublin has recently renovated its range of premium and exclusive suites. Working alongside award winning Irish firm, Millimetre Design, The Westin Dublin is proud to bring to the market Dublin’s newest hotel suites.

Package: Suite Dreams

Offer: Guests can avail 20% off the best available online rate, including breakfast for two guests in Moreland Grill, valet car parking and a bottle of grape.

Website:

Email: reservations@thewestindublin.com

Phone: 00353 1 645 1149




Hotel: Dillons Hotel

Location: Upper Main St, Letterkenny, Co. Donegal, Ireland

Package: Wild Atlantic Luxury Escape
Price: €145pps

Duration: Two Nights
Offer:

Breakfast each morning

Four course dinner, with all produce locally sourced and prepared by our award winning chef's.

Website: www.dillons-hotel.ie

Email: info@dillons-hotel.ie

Phone: +353 (0) 74 9122977




Hotel: Lyrath Estate Kilkenny

Location: Paulstown Road, Kilkenny, R95 F685, Ireland

About: Lyrath Estate Kilkenny offers a unique experience, spanning across 170 acres of Irish countryside, complete with picturesque lakes, historic gardens, and emerald woodlands.

Price: €180 per person sharing

Offer:


Two nights Bed and Full Irish breakfast at Lyrath Estate


Dinner on one Evening.


Complimentary access to Leisure Centre with 17m swimming pool, gym, jacuzzi and steam room

Website: www.lyrath.com
Booking link: Link

Email: info@lyrath.com

Phone: 00353 56776 0088



Experience: House of Waterford Crystal

Location: Viking Triangle, Waterford City

About: House of Waterford Crystal brings a visit to Ireland to a whole new level, where guests can visit the home of Waterford Crystal brand and take a journey to see exquisite pieces of crystal created before their very eyes.

Offer: 20% off admission rates on Guided Factory Tours at the Waterford Brand & Visitor Experience, by using coupon code HOW-20-WBM.

Booking Website: https://www.waterfordvisitorcentre.com/content/general-ticketsEmail: houseofwaterfordcrystal@fiskars.com

Phone: +353 51 317000




Hotel: Shipquay Hotel
Location: 15-17 Shipquay St, Derry/Londonderry
About: Visitors can enjoy stay at the luxurious property, offering the best of Derry/Londonderry, a short distance from attractions including the City Walls, the Guildhall, Peace Bridge, Richmond shopping centre and Foyleside shopping centre.

Offer: Two-night stay, with breakfast each day, and a three-course meal on a day of choice.

Price: £120 pps

Dates: Ongoing
Website: www.shipquayhotel.com

Email: info@shipquayhotel.com

Phone: 0044 28 71267266




Experience: Dark Hedges

Location: Dark Hedges Estate, Antrim

About: The Dark Hedges Experience is now open 7 days per week, operating daily guided tours hosted by some of the most captivating Story Guides in Northern Ireland. On the tour, visitors can learn about the trees made famous from Game of Thrones, the history of Gracehill House, the ghost of the mysterious grey lady, and enchanting folklore about Northern Ireland.

Package: Eid offer (to be availed on day tours)

Price: £9

Dates: Ongoing, valid until 31/05/19.

Timings: 10am - 3pm

Website: www.darkhedgesexperience.com

Email: info@darkhedgesexperience.com

Phone: +0044 07729376133

جزيرة أيرلندا.. وجهة ساحرة لإجازة لا تنسى في عيد الفطر




البلد المتميز بالتاريخ العريق والثقافة الغنية والطبيعة الساحرة والنشاطات الفريدة يقدم عروضاً استثنائية في عطلة العيد




لتحميل الصور: https://we.tl/t-rxtxPJ2ewu




دبي، الإمارات العربية المتحدة، مايو 2019: تمثّل جمهورية أيرلندا وجهة رائعة لقضاء إجازة عيد الفطر السعيد بمروجها الخضراء وطقسها الدافئ، وما تنطوي عليه من عروضٍ وتجاربٍ فندقية مميّزة.




وتمتاز العاصمة دبلن بالعديد من عوامل الجذب المذهلة، بدءاً من التجارب الثقافية مثل رقصة النهر التقليدية (River Dance) والعروض الموسيقية الساحرة، وصولاً إلى التفاعل مع سكانها اللطفاء. ويمكن للضيوف الاستمتاع بإقامةٍ فاخرة في فندق ’إنتركونتيننتال دبلن‘ أو ’ذا ويستن دبلن‘، وزيارة المتاحف والأسواق والمطاعم المتنوعة التي تزخر بها المدينة.




كما تمتاز المناطق المجاوة للعاصمة بمناظرها الطبيعية الأخاذة، مثل مقاطعة وترفورد الواقعة في الجنوب الشرقي، والتي تتألق بأجوائها المشمسة. ويعد مصنع وترفورد للكريستال أحد أهم المعالم السياحية في المقاطعة، ويتيح للزوار التعرف على تاريخ صناعة الكريستال وأساليب إنتاجه القديمة والحديثة، بالإضافة إلى المشاركة في عملية الإنتاج.




ويمكن للزوار أيضاً زيارة كيلكيني الواقعة إلى الجنوب من دبلن، والتي تعتبر القلب التاريخي لشرق أيرلندا ووجهةً عائلية مثالية. كما أنها توفر لمحبي المغامرات العديد من التجارب الاستثنائية؛ مثل التوغل في أعماق كهوف دنمور أو صيد السمك؛ أو زيارة ’نور فالي فارم‘ الساحر، أو اختبار المسار الانزلاقي في كاسلكومر. ويتيح فندق ’ليراث استيت كيلكيني‘ مساحةً نموذجية للاسترخاء بمساحته البالغة 170 فداناً في الريف الإيرلندي، والتي تتضمن بحيرات أخاذة وحدائق تاريخية وغابات غنّاء.




وتقع مقاطعة دونيجال إلى الشمال قليلاً، وتحتضن العديد من القلاع والشواطئ الصخرية والجبال الجميلة، فضلاً عن متنزه ’جلينفيغ‘ الوطني الذي يتيح لعشاق الطبيعة الفرصة لمشاهدة أكبر قطعان الغزال الأحمر في أيرلندا، والتي تقفز فوق جبال ديريفيغ الشاهقة. ويشكل فندق ’ديلونز‘ مكاناً مثالياً للإقامة أثناء زيارة في المقاطعة، إذ يتميز بموقعٍ قريب من كافة خيارات المغامرات؛ ووجبات عشاء تتألف من أربعة أطباق محضرة من مكونات طازجة محلية.




وتمثل هذه الفترة من السنة الوقت الأمثل للتوجه إلى شمال البلد وزيارة مواقع تصوير مسلسل ’جيم أوف ثرونز‘، لاسيما مع وصول هذا العمل الملحمي إلى موسمه الأخير. وسيكون موقع ’كينجز رود‘ في انتظار الراغبين بتتبع خطى شخصياتهم المفضلة، والاستمتاع بالمشاهد الساحرة على طريق ’دارك هيدجز‘ الواقع في مقاطعة أنتريم. كما يمكن الاستفادة من عرض خاص بالعيد على الجولات النهارية تتيح للزوار الاقتراب أكثر من الموقع الشهير عالمياً الذي اكتسب مزيداً من الشهرة بعد ظهوره في المسلسل.




كما يحتضن الجزء الشمالي من البلاد مواقع ساحرة أخرى مثل مقاطعة ديري/لندنديري بأسوارها العتيقة وقاعة ’جيلدهول‘؛ وجسر السلام. ويمكن للزوار اغتنام الفرصة والاستفادة من عرض فندق ’شيبكواي‘ الفخم الذي يقدّم إقامة لمدة ليلتين مع فطورٍ مجاني كل صباح؛ ووجبة غداءٍ من ثلاثة أطباق في اليوم الذي يختاره الضيوف. ويتميز الفندق بقربه من مركزي التسوّق ’ريتشموند‘ و’فويلسايد‘، ما يتيح للضيوف شراء الهدايا والتذكارات للأحبة والأصدقاء.




بعبارةٍ أخرى، تشكل أيرلندا وجهةً رائعة لقضاء إجازة العيد هذا العام مع العائلة والأصدقاء، بما توفره من العروض والتجارب المميّزة والأجواء الساحرة والشعب المضياف.




لمزيدٍ من المعلومات، يرجى زيارة الموقع الإلكتروني: http://www.ireland.com/

Shopinc.com launches virtual Ramadan Night Market




From iftar value boxes under AED5 to generous discounts on groceries, UAE online retailer celebrates spirit of the season with bundle of offers

22nd May 2019, Dubai: Shopinc.com, the UAE-based online retailer, has launched a virtual Ramadan Night Market offering customers a 10% discount on essential purchases when they shop between iftar and suhour. The promotion is just one of several new and seasonal offerings from the value supermarket that include generous rebates on a range of essentials, budget-friendly Iftar meal boxes starting at under AED5, and special rebates for Emirates NBD, ADCB and Etisalat Smiles customers.

Rahul Duragkar, Managing Director at Shopinc.com says, “Ramadan is a very special season for UAE residents. Shopinc is always committed to providing value-for-money propositions to online shoppers in the UAE with honest and flat discounts all year round. Our innovative virtual Ramadan Night Market delivers on this ethos with special offers on a wide range of products over the holy month.”

Customers making purchases at Shopinc.com – pronounced Shop I N C – between 7pm and 7am during Ramadan get an additional 10% off on all their essentials when using the promo code RAMADAN10 during checkout. Shopinc.com is also offering a range of nutritious iftar boxes to help the devout break the fast without breaking the bank. Shopinc.com’s Value-Feast box has three kinds of fruit, a sachet of dates, water and a juice for just AED4.99. Meanwhile, a 10-item box for up to six people includes one kilo each of rice, lentils, sugar and salt, 4 litres of full-cream milk, 1.8 litres of milk, 600g of premium Sahari dates, 200g each of turmeric and chilli powder and a box of 25 tea bags.

For customers looking for specific items this Ramadan, many household products have been discounted up to 52%. The attractively priced products at Shopinc.com include rose syrup, pre-packaged vegetables, luxury chocolates and all-purpose cleaners.



Finally, Shopinc.com has tied up with Emirates NBD, ADCB and Etisalat SMILES to offer extra value to their customers. Emirates NBD customers receive a flat 20% off on supermarket products, toys, games, fashion and accessories, while Etisalat SMILES users also get 20% off on Ramadan night market purchases, iftar essentials, supermarket products, toys, games and fashion. Shopinc is offering ADCB customers 10% off its entire range. Air Arabia staff can avail 25% off on supermarket and fashion items. Each enterprise has been provided with special shareable shopping codes to avail these bespoke offerings.

اعتماد السحابة الهجينة في الشرق الأوسط يصل بقيمة سوق "السحابة العامة" العالمية إلى 206 مليارات دولار





منصات "في إم وير" العاملة على "أمازون" تحسّن تكاليف الأعمال والمرونة وقدرات التوسع


Savitha Bhaskar, Condo Protego - 1a



دبي، دولة الإمارات العربية المتحدة



قال اليوم خبراء في الحوسبة السحابية إن الشركات في الشرق الأوسط التي تنتقل إلى السحابة المختلطة تساعد في دفع قيمة سوق السحابة العامة العالمية إلى 206 مليارات دولار في 2019.



وتتجه الشركات والمؤسسات العاملة في الشرق الأوسط اتجاهاً متزايداً إلى اختيار نموذج سحابي مختلط للعمل، نظراً لسعي مسؤولي المعلوماتية في الشركات إلى تحسين تطبيقات الأعمال والقدرات التنافسية لشركاتهم، فيتم الاحتفاظ بالتطبيقات الأساسية والبيانات الحساسة، مثل السجلات المصرفية أو سجلات المرضى، على المنصات السحابية الخاصة المحلية، أما الخدمات التي تستهلك الكثير من الطاقة الحاسوبية، مثل البريد الإلكتروني، فتعمل على السحب العامة من مقدمي خدمات عالميين مثل "أمازون ويب سيرفسز".



وتتوقع شركة "غارتنر" للدراسات أن تنمو سوق الخدمات السحابية العامة العالمية بنسبة 17 بالمئة لتصل إلى مستوى قياسي قدره 206 مليارات دولار في العام 2019، ما يُبرز حجم النمو الكبير في البيئات السحابية المختلطة. سوف تنتقل الحوسبة غير المعتمدة على الخوادم من معدل تبنٍّ حالي يبلغ 10 بالمئة إلى توجّه سائد بحلول الفترة من العام 2020 و2022، وفقاً لتقرير آخر صادر عن "غارتنر".



وقالت سافيتا باسكار رئيس العمليات لدى شركة الاستشارات والحلول في مجال البُنى التحتية التقنية وإدارة المعلومات في دولة الإمارات، "كوندو بروتيغو"، أن السوق السحابية الهجينة "سوف تصل إلى آفاق جديدة"، مشيرة إلى إدراك الشركات في الشرق الأوسط أن تحولها الرقمي "يعتمد على مزيج من البيئات السحابية العامة والخاصة"، وأضافت: "يمكن للشركات في منطقة الشرق الأوسط، بفضل البيئات السحابية المختلطة، اكتساب المرونة والأمن والقدرة على التوسع من أجل تحسين التكاليف وفقاً لمتطلبات مستوى التطبيق.



قد يكون نقل المعلومات إلى السحابة أو منها، أو فيما بين بيئات سحابية مختلفة، أمراً مكلفاً ويستغرق وقتاً طويلاً ويتطلب دعماً من أدوات وخدمات تخصصية. إلاّ أن منصة "كلاود" السحابية من "في إم وير" تسمح للشركات بإنشاء بيئات موحّدة عبر السحب العامة والخاصة.



وتشهد كوندو بروتيغو في الشرق الأوسط طلباً كبيراً على البنية التحتية شديدة المقاربة "في إكس ريل" من "دل إي إم سي" التي تدير منصة "كلاود فاونديشن" السحابية الخاصة من "في إم وير" للعملاء الذين يتطلعون إلى الاستفادة من هذه المنصة على خدمات "أمازون ويب سيرفسز".



وسوف تكون منطقة الشرق الأوسط مهيّأة لتشهد سرعة في إقبال الشركات على خدمات "أمازون ويب سيرفسز"، التي تخطّط لافتتاح عدد من مراكز البيانات الإقليمية في العام 2019. يمكن للجهات التي تبكّر في تبنيها لمنصات "أمازون ويب سيرفسز" السحابية تحسين بيئات عملها السحابية الخاصة بالأعمال الرقمية، وتفريغ موظفي تقنية المعلومات لدعم الابتكار التجاري.

21 May, 2019

Don’t forget to sleep well this Ramadan


  • WHISPER founder emphasises the need to prioritize sleep to stay healthy throughout a full month’s fast
  • WHISPER offers 100-night risk free trial of their premium mattress for customers to experience quality sleep first-hand

Dubai, United Arab Emirates

Ramadan is an important time for families and friends to come together. With the season packed with get-togethers, iftar celebrations and other festivities, people tend to stay awake well into the night, which then results in disrupted sleep patterns.

Sleep is essential to maintaining health and wellbeing, and there are documented implications when we don’t get enough of it.  For UAE, where Ramadan fasting is expected to last on average of 14 hours, it is imperative that people keep a regular and healthy sleep cycle as it can strongly impact one’s ability to actively perform every day activities throughout the month, without falling weak or ill.

Disrupted sleep can bring about day-time sleepiness, headaches, behavioural problems and reduced cognitive functioning, this according to Sleep Expert Dominik Zunkovic, who is also the Founder of WHISPER.  Dominik also explained that sleep deprivation makes a person crave for sugary and fatty foods, which is not healthy.

“Just as much as a healthy diet, prioritizing good sleeping habits during Ramadan is very important in order to maintain a proper balance of overall wellness, while keeping hunger and fatigue at bay during this season, will becomes that much easier.  Additionally, maintaining regular sleeping patterns during the Holy Month is a key step to re-adjusting post the season,” Dominik added.

To maintain sleep quality and quantity, Dominik recommends keeping one’s sleep environment quiet and dark for minimum distraction.  While adding that the use of earplugs or eye masks can perform wonders for falling and staying asleep, he emphasized that a good mattress is one of the most important aspects of achieving a healthy dose of sleep.

“Mattresses are the foundation of good sleep and choosing the right one can make all the difference.  A mattress that provides proper support for your back, neck and joints, promoting good alignment, and cushion for pressure points and relief for pain, is what you need to ensure sleep quality,” Dominik said.

Taking all these into account, Dominik points out that the WHISPER Mattress is the ideal solution for ensuring quality shut-eye during Ramadan.  

WHISPER, which disrupted the UAE mattress industry with its online bed-in-a-box business model, uses high-quality dynamic foams that are adjustable in comfort and medically certified. Their mattress is made of Quantum foam, which is breathable and – unlike memory foam – keeps you cool at night and protects you from bacteria and dust mites.  Specially designed to ensure optimum
hygiene, WHISPER uses real silver yarn in their products, which naturally ionizes and prevents bacteria, dust mites and bad smells.  Also integrated into the foundation fabric of the WHISPER mattress is the Silver Shield, a grounding cable developed by the company to prevent any electromagnetic (EMF) waves from entering one’s sleeping area. Based on numerous studies, electronics such as TVs, phones, and computers emit harmful EMF waves that interfere with an individual’s brain waves, preventing him from getting deep restful sleep.

“We use open cell foams for our mattress because they allow heat and sweat to escape. The same material goes to into our pillows.  Our fabric is also thermo-regulating, which means that it cools you down when it’s hot and retains heat when it’s cold. The WHISPER mattress fabric and foams are engineered to be completely breathable, ensuring enough ventilation and optimum comfort throughout the night. This perfectly suits the hot and humid weather of the region, especially during Ramadan which normally falls during the summer season,” commented Dominik.

Confident of the high-quality craftsmanship of the WHISPER mattress and pillow, Dominik revealed that the company offers a 100-night, risk-free sleep trial in order for customers to experience the products’ features first-hand.   “All that you need to do is purchase the mattress and/or pillow and sleep on it for a minimum of 30 nights. If at the end of 100-night trial period, you don’t enjoy the experience, the WHISPER team will pick it up for free and give you a full refund on the mattress,” he concluded.

SODIC releases its 1Q19 results showing revenue growth of 84%, sales driven by limited new launches with Allegria Residence fully booked



Cairo, Egypt, May 19th 2019, Sixth of October Development & Investment Company “SODIC” has released its consolidated financial results for the quarter ending 31st of March 2019.
  • Revenues: EGP 941 million, up 84% YoY
  • Gross profit: EGP 270 million
  • Gross profit margin: 29%
  • Operating profit: EGP 149 million
  • Operating profit margin: 16%
  • Net Profit: EGP 161 million
  • Net profit margin: 17%

Consolidated Balance Sheet Figures as at 31st of March 2019:
  • Accounts Receivable: EGP 11.4 billion
  • Cash and cash equivalents balance: EGP 4.3 billion


Financial Review: Leap in Revenues, Robust Balance Sheet

SODIC recorded revenues of EGP 941 million during the quarter growing by 84% compared to EGP 512 million recorded for the same period last year. The strong growth in revenues was driven mainly by Villette which contributed to circa 50% of the delivered value.

Gross profit was recorded at EGP 270 million, with a gross profit margin of 29%, this compares to EGP 266 million recorded during the same period last year reflecting a margin of 52%. The exceptionally high profitability recorded in the comparative period in 1Q18 was on the back of a one off sale of land for sub-development in SODIC West, this in addition to the early phases of Villette dominating the delivered value in 1Q19 impacting gross profit margins.

Operating profits came in at EGP 149 million versus EGP 193 million during the same period last year and reflecting an operating profit margin of 16%.

Net profit amounted to EGP 161 million during the quarter recording a net profit margin of 17%. This compares to EGP 211 million recorded in 1Q18 reflecting a net profit margin of 41%

Total cash and cash equivalents amounted to EGP 4.3 billion, reflecting the strength of the company’s balance sheet and supporting land bank expansion plans and projects execution.

Bank leverage remains low with bank debt to equity at 0.35x. As of 31st of March 2019 SODIC’s bank debts outstanding were EGP 1.8 billion reflecting a 56% utilization rate for available bank facilities of EGP 3.2 billion.

Receivables of EGP 11.4 billion provide strong cash flow visibility, with delinquency rates at 7%.

Client deposits represents the backlog of unrecognized revenues from contracted sales of units that are to be delivered over the coming three to four years. Client deposits as of the end of the quarter were EGP 16.5 billion providing strong revenue visibility for the company.




Operational Review: Limited Launches, Allegria Residence Fully Sold

SODIC recorded EGP 881 million of net contracted sales on the back of limited new launches. During the quarter SODIC launched the first phase of Allegria Residence, a fully finished apartments complex in SODIC West which was fully sold year to date. The quarter also witnessed the launch of the second phase of SODIC’s office complex on road 90 in East Cairo Eastown District New Cairo “EDNC”. The total value of both launches was EGP 1 billion.

Net cash collections came in at EGP 1.1 billion during the first quarter 2019, while delinquencies were recorded at 7%.

The company continues its strong commitment to timely deliveries, with 201 units delivered on schedule during the quarter. This compares to 167 units that were delivered during the same period last year.

Land Bank Developments

On the 21st March 2019 SODIC signed the partnership agreement for the 500 acre plot in the Sheikh Zayed Extension area with the New Urban Communities Authority (NUCA).

The plot is located a mere 10 minutes away from SODIC West, the company’s flagship mixed use community in West Cairo. The project intended to be developed on the plot is expected to comprise over 5,000 units generating an estimated total sales of circa EGP 43 billion. NUCA is entitled to a maximum total payment of EGP 15.3 billion over 11 years of which EGP 8.8 billion are fixed payments including a down payment of EGP 300 million, in addition to 15% of the annual collections. The projected payments imply a land cost per sqm capped at EGP 2,470 on a net present value basis discounted at 16%.

The addition of this plot brings SODIC’s total undeveloped land to circa seven million square meters from which SODIC is looking to generate over EGP 150 billion of potential future sales over the coming 10 years. The project is slated for launch in the fourth quarter of 2019 and is set to be SODIC’s second largest development in West Cairo.

Guidance

SODIC is targeting EGP 7.2 billion of contracted sales, expanding by circa 40%. The company expects West Cairo to contribute heavily to its growth this year leveraging on the positive developments of Al Yosr coming into the pipeline for monetization and the addition of the 500 acre plot to the company’s project portfolio in 2019.

In addition the company plans to deliver some 1,151 units across ten projects with an estimated value of EGP 5.1 billion reflecting a forecasted growth of circa 38% in revenues driven by deliveries in Villette.

About SODIC

SODIC is one of the region’s leading real estate development companies, currently developing a number of diversified projects in Egypt. SODIC’s developments in East and West Cairo and Egypt’s North Coast range from residential, retail and commercial projects to large scale mixed-use developments. SODIC is listed on the Egypt’s Stock Exchange (Ticker OCDI). For more information please visit www.sodic.com.
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