SODIC, Egypt’s
third-biggest listed developer, said it is assuming zero sales for 2011
after three weeks of political unrest had unnerved investors.
The high-end real
estate firm, which does not fully recognise revenue until it delivers
units, has a strong cash position, limited outstanding debt and land
debt, as well as strong cash flows, its chief executive said.
“To be totally
conservative in working out cash flows, is our objective – to make sure
our cash flows are more than sufficient to tide us through – we are
assuming zero sales for 2011,” Maher Maksoud told Reuters, adding that
he remained optimistic about the long-term outlook.
