Generating long-term value for our stakeholders has always been the focal point of SODIC’s strategy. It was our unwavering dedication to that vision that helped us build both a strong brand name and the solid platform we now stand on, allowing us to weather even the most difficult of storms.
As one of Egypt’s largest listed developers of large scale-urban communities, SODIC’s business model is centred around a commitment to five core pillars that solidify our investment case, allowing us to create value for our shareholders, clients, partners, and community — all of whom are at the heart of what we do.
SODIC enjoys a healthy, solid and diversified projects portfolio that allows for strong visibility on the company’s future performance. With EGP 21.4 billion of sales backlog putting visibility into our future revenues, Some EGP 16 billion of receivables providing strong cash flow visibility and a sizable landbank of 6 million square meters of unlaunched land in East and West Cairo and the North Coast as at year-end 2020 , providing 9 years sales visibility in all our markets with some EGP 110 billion of future sales expected to come from existing projects.
Our high-quality land bank of more than 16 million square meters remains a key competitive advantage and an important driver of value, enabling SODIC to build and sell the right product, create the right community and deliver the right service to our customers. We have an excellent strategic land pipeline, as measured by scale, quality of location and embedded margin, which gives us flexibility and options. The size and diversity of our land bank plays a massive role in helping SODIC mitigate concentration risks and stand with confidence in the face of adversities, with 6 million square meters of unlaunched land by year-end 2020, almost double our 2015 year-end land bank area of 3.5 million square meters.
In addition to growing the developments side of the business, we are also exploring ways to build resilience into our operations in the face of competitive market dynamics. We are currently in the process of putting together a portfolio of prime real estate assets in our mature flagship developments. These properties will form the basis of our recurring income portfolio as we capitalise on the success and maturity of our developments and the high demand on leasable assets in our living communities. With plans to have a total of 260,000 square meters by 2023.
Our commitment to timely delivery sets us apart. A non-family-owned business, SODIC has been prudently run by management with over 20 years of experience in real estate development and an ambitious future outlook. Our strong governance framework and our disciplined approach to managing our construction, balance sheet and commitments, has yielded positive returns for our stakeholders and allowed the company to deliver ahead of schedule 91% of the time over the last five years, earning SODIC a stellar track record for delivery in both good and bad times. Our discipline and prudent cash management is also the foundation of our solid relationship with the country’s leading lenders and has allowed us to access the funding needed to fuel our ambitious strategy, pursuing diversity and growth.
Supported by our liquid balance sheet, solid financial performance, and strong cash flows, SODIC distributed cash dividends for 2018 and 2019, with dividends in 2019 up by a solid 10% year-on-year to reach EGP 0.55 per share, bearing testament to our commitment to delivering sustainable returns to our investors. Despite the challenges presented by the COVID-19 pandemic we were able to sustain distributing dividends for 2019 due to the strength of our balance sheet, coupled with the quality and length of our backlog.