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CAIRO – 30 August 2017: Pioneers Holding Company for Financial Investments said Wednesday that its total consolidated assets rose by LE 773 million to reach LE 2.1 billion by the end of June 2017, from LE 2.02 billion in the year-ago period.
The company attributed the growth of assets to higher value of housing projects, increasing by 9.8 percent or LE 936 million.
Net profits reached LE 454 million in the first half (H1) of 2017 compared to LE 704 million in H1 of 2016. Gross profits maintained a close level to last year’s, despite lower revenues.
The company expects an increase in revenues in the third and fourth quarters to be in line with the targeted growth rate.
Financial expenses have seen a gradual hike by seven percent since the Egyptian pound floatation in November; however, the firm forecasts a gradual decline in such expenses in the coming period, which will reflect positively on the company’s financial results.
Shareholders’ equities advanced LE 485 million in the first half of this year compared to what was achieved by the end of December 31, 2016.
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