Cairo – Mubasher: The consolidated financial statements of Pioneers Holding Company for Financial Investment showed net profits of EGP 271.27 million in the first quarter of 2020, down by 41% year-on-year (YoY) from EGP 456.79 million.

The company’s revenues plunged to EGP 1.7 billion in the three-month period ended on 31 March from EGP 2.4 billion in the prior-year period, according to a bourse disclosure on Sunday.

As for standalone business, the company’s net profits hiked to EGP 118.4 million in Q1-20 from EGP 3.3 million in Q1-19.

It is worth mentioning that in 2019, Pioneers Holding reported net profits of EGP 1.35 billion, up from EGP 1.22 billion 2018.