Cairo – Mubasher: Pioneers Properties for Urban Development has reported consolidated net profits after tax worth EGP 342.89 million since it started operating on 8 September 2021 until 31 March 2022.

Revenues reached EGP 2.64 billion during the September 2021-March 2022 period, according to a bourse disclosure on Sunday.

The earnings per share (EPS) stood at EGP 0.34 in the seven-month period.

Meanwhile, the company generated EGP 52.06 million in standalone net profit after tax during the first seven months (7M) of its incorporation, while revenues amounted to EGP 112.39 million. Standalone EPS amounted to EGP 0.05.

It is worth noting that last December, Pioneers Properties reduced its 76.45% equity in El Kahera Housing to 70% in exchange for EGP 197.20 million.