Cairo – Mubasher: Pioneers Properties for Urban Development shifted towards consolidated profitability during 2023, recording a net profit after tax of EGP 556.97 million, compared to a net loss of EGP 81.08 million in 2022.

The company’s consolidated operating revenue declined to EGP 5.78 billion in 2023 from EGP 7 billion a year earlier, according to the annual financial results.

The earnings per share (EPS) of the holding company reached EGP 0.393 last year, compared to a loss per share of EGP 0.145.

Standalone Results

The company’s standalone net loss after tax declined to EGP 26.56 million in 2023 from EGP 80.33 million the year before.

Standalone operating revenue surged to EGP 165.19 million last year from EGP 53.25 million in 2022.

Pioneers Properties posted an EGP 238.35 million consolidated net profit after tax during the first nine months (9M) of 2023.