Cairo – Mubasher: The audited consolidated financial statements of Pioneers Holding Company for Financial Investment showed a 70.7% year-on-year profit hike during the first half of 2019.

Net profits surged to EGP 1.09 billion during the six-month period ended 30 June, compared to EGP 641.1 million in the corresponding period a year earlier, the company said in a filing to the Egyptian Exchange (EGX) on Sunday.

Meanwhile, the company’s revenues increased by 77.4%, recording EGP 6.903 billion in H1-19, compared to EGP 3.892 billion in H1-18.

The profit growth was ascribed to the rise in the industrial activity’s revenues which stood at EGP 2.05 billion during the January-June period of 2019, up from EGP 1.552 billion in the same period of 2018.

In addition, the company’s real estate sector generated revenues of EGP 2.8 billion in H1-19 from EGP 2.3 billion in H1-18, whereas the general and marketing expenses slid to EGP 359.7 million from EGP 493 million.

As for standalone financials, the company turned to losses of EGP 124.3 million in H1-19, against profits of EGP 9.87 million in H1-18.

It is worth mentioning that during the first quarter of 2019, Pioneers Holding’s net profits rose to EGP 456.795 million from EGP 371.678 million in Q1-18.