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Pioneers Properties’ consolidated profit skyrockets 1,051% YoY in Q1-24

Pioneers Properties’ consolidated profit skyrockets 1,051% YoY in Q1-24
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Pioneers Properties
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Cairo – Mubasher: The consolidated net profit of Pioneers Properties for Urban Development soared by around 1,051% year-on-year (YoY) to EGP 1.17 billion in the first quarter (Q1) of 2024 from EGP 102.12 million in Q1-23.

Consolidated operational revenues grew to EGP 1.66 billion in Q1-24 from EGP 1.65 billion in Q1-23, according to the interim financial results.

The earnings per share (EPS) for the holding company amounted to EGP 1.013 in the first three months (3M) of 2024, up from EGP 0.063 in the equivalent period the year before.

Standalone Results

The company’s standalone net profit soared to EGP 1.06 billion in 3M-24 from EGP 45.93 million in 3M-23.

Standalone operational revenues leapt to EGP 1.10 billion in January-March 2024 from EGP 75.61 million in the corresponding period of the previous year.

In 2023, Pioneers Properties turned to a consolidated net profit of EGP 556.97 million, versus a net loss of EGP 81.08 million the year before.