Cairo – Mubasher: Pioneers Holding Company for Financial Investment saw its profit surging by almost 50% year-on-year during the first nine months of 2019, according to the company’s audited consolidated financial statements.

Net profits climbed to EGP 1.231 billion ($76.62 billion) during the nine-month period ended 30 September, compared to EGP 821.68 million in the comparable period a year ago, the company said in a filing to the Egyptian Exchange (EGX) on Monday.

In addition, Pioneers generated EGP 8.69 billion in revenues from operations over the period from January to September, compared with EGP 5.66 billion a year earlier.

However, on a quarterly basis, the company produced EGP 136.90 million in the third quarter of this year, falling from EGP 180.55 million in the same quarter of last year.

Pioneers’ standlone business also posted a loss of EGP 120.9 million for the nine months to last September, compared with profits of EGP 9.8 million.

It is worth pointing out that the company recorded net profits of EGP 1.09 billion in the first half of 2019, up from EGP 641.1 million logged during the same half of last year.