Cairo – Mubasher: Pioneers Holding Company for Financial Investment on Thursday reported a 16.6% year-on-year increase in consolidated profits for the first quarter of 2018.
Net profit stood at EGP 371.6 million in the three-month period ended March, up from EGP 318.8 million in the prior-year period, the company said in a filing to the Egyptian Exchange (EGX).
Revenues narrowed to EGP 1.8 billion in Q1-18 from EGP 2.06 billion in the corresponding period last year, while operating costs shrank to EGP 1.16 billion in the first three months of this year from EGP 1.5 billion in the year-ago period.
Meanwhile, standalone profits plunged to EGP 5.7 million in Q1-18, compared to EGP 73.8 million in the first three months of 2017.
It is worth noting that Pioneers Holding had generated around EGP 1.14 billion in net profit for the full-year ended December 2017, versus EGP 1.08 billion in 2016.