Cairo – Mubasher: The consolidated financial statements of Pioneers Holding Company for Financial Investment showed a 10.6% year-on-year (YoY) increase in its net profits during 2019.

The company’s net profits amounted to EGP 1.35 billion last year from EGP 1.22 billion 2018, according to a bourse disclosure on Wednesday.

Revenues levelled up to EGP 9.36 billion in 2019, compared to EGP 8.56 billion in the prior year.

As for standalone business, Pioneers Holding’s net profits tumbled to EGP 34.52 million last year from EGP 97.03 million a year earlier.

The company’s board recommended not to distribute dividends for 2019 in order to maintain the company's liquidity amid the coronavirus (COVID-19) outbreak.

It is worth mentioning that during the January-September period of 2019, the company’s net profits surged to EGP 1.231 billion from EGP 821.68 million in the corresponding period in 2018, including minority shareholders’ rights