Egypt: Pioneers Properties logs higher consolidated profits in 9M-23

Pioneers Properties for Urban Development achieved EGP 238.35 million in consolidated net profit after tax during the first nine months (9M) of 2023.

The recorded net profits were higher year-on-year (YoY) than EGP 159.84 million, including minority interest, according to the consolidated financial results.

Revenues amounted to EGP 4.04 billion in 9M-23, up 5.13% from EGP 3.84 billion during the nine-month period that ended on 30 September 2022.

Basic and diluted earnings per share (EPS) increased to EGP 0.10 in January-September 2023 from EGP 0.08 a year earlier.

Total assets reached EGP 42.57 billion in 9M-23, higher than EGP 33.08 billion as of 31 December 2022.

The group posted contracted sales of more than EGP 14 billion. Cairo projects recorded contracted sales valued at EGP 11 billion, which is contributable to the new launches that took place during 9M-23.

Standalone Business

Pioneers Properties incurred standalone net losses after tax valued at EGP 33.23 million during the nine-month period that ended on 30 September 2023, down YoY from EGP 55.71 million.

Operations revenues stood at EGP 93.68 million in 9M-23, an annual rise from EGP 72.71 million.

Basic and diluted loss per share dropped YoY to EGP 0.03 as of 30 September 2023 from EGP 0.05.