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Pioneers Properties logs over EGP 102m consolidated profits in Q1-23

Pioneers Properties logs over EGP 102m consolidated profits in Q1-23
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Pioneers Properties
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Cairo – Mubasher: Pioneers Properties for Urban Development generated EGP 102.12 million in consolidated net profit after tax during the first quarter (Q1) of 2023, an annual hike from EGP 44.49 million, including minority interest.

The revenues enlarged by 58% year-on-year (YoY) to EGP 1.65 billion in January-March 2023 from EGP 1.04 billion, according to income statements.

Earnings per share (EPS) hit EGP 0.063 in Q1-23, compared to a loss per share of EGP 0.001 in Q1-22.

Standalone Financial Results

In the first three months (3M) of 2023, the company’s standalone net losses after tax reached EGP 25.94 million, versus EGP 30.36 million in the year-ago period.

Non-consolidated revenues went up to EGP 3.73 million in Q1-23 from EGP 3.67 in Q1-22, while the loss per share retreated to EGP 0.025 from EGP 0.029.

Waleed Zaki, CEO of Pioneers Properties, commented: “Although the pressures brought on by the economic environment continue, the company recorded contracted sales of EGP 2.40 billion in Q1-23, This was primarily due to the New Cairo projects that achieved contracted sales of approximately EGP 2 billion.”

“In the last period, the real estate market had many challenges. The cost of borrowing increased, which was challenging for business operations in all markets,” Zaki highlighted.

The CEO elaborated: “Nevertheless when we raised our prices due to the anticipated increase of building materials cost, there still stood a strong demand for our products, which has allowed us to persevere during these difficult times.”

“In 3M-23, the company's contracting backlog totaled EGP 5.80 billion, a slight decline of 7% from Q1-22,” he concluded.

During the period from September 2021 to December 2022, the EGX-listed firm recorded consolidated net profits after tax worth EGP 217.32 million, including non-controlling equity.