Mubasher TV
Contact Us Advertising   العربية

Pioneers Q4 consolidated profits reach EGP 229m

Pioneers Q4 consolidated profits reach EGP 229m
The Egyptian Exchange (Photo credit: Mubasher)
Aspire Capital
ASPI
-1.84% 0.37 -0.01

Cairo – Mubasher: Pioneers Holding Company for Financial Investment posted on Sunday a consolidated net profit of EGP 229.1 million for the fourth quarter of fiscal year 2016, compared to EGP 552,000 for Q4-15.

Consolidated profits for FY16 grew 35% to EGP 1.084 billion from EGP 802.35 million for FY15, according to a bourse filing.

Standalone profits increased in FY16 by 90% to EGP 156.3 million from EGP 82.26 million for FY15.

Pioneers’ standalone financial statements showed foreign exchange earnings of EGP 26 million for FY16, versus EGP 17.7 million for FY15.

Consolidated revenues for FY16 amounted to EGP 6.88 billion, 56% up from EGP 4.4 billion for FY15.

Total investments reached EGP 32.4 billion by the end of FY16, compared to EGP 29.83 million in FY15.

The company’s board recommended to not distribute cash dividends for the year ended on 31 December 2016, in light of expansion plans.