Pioneers Holdings’ consolidated profits surge 70.7% in H1-19

CAIRO – 29 September 2019: Pioneers Holding Company for Financial Investment recorded a 70.7 percent increase of its consolidated profits during the first half of 2019, reaching LE .09 billion, compared to LE 641.1 million during the same period of 2018.

The company’s audited consolidated financial statements revealed that revenues hiked77.4 percent, recording LE 6.903 billion in the period of 2019, compared to LE 3.892 billion during 2018’s period.

It ascribed the profit growth to the rise in the industrial activity’s revenues which hitLE 2.05 billion during the January-June period of 2019, compared toLE 1.552 billion in the same period of 2018.

Moreover, the indicators showed that the company’s real estate sector generated revenues of LE 2.8 billion, up from LE 2.3 billion in the period of 2018, and the general and marketing expenses declined to LE 359.7 million from LE 493 million.

As per standalone results, the company turned to losses of LE 124.3 million during the first half of 2019, compared to profits of LE 9.87 million during the first half of 2018.

During the first half of 2019, the company accomplished profits of LE 456.79 million, compared to LE 371.67 million during the same quarter of 2018.

Pioneers Holding operates within the Diversified Financials sector focusing on Investment Banking and Brokerage. It has subsidiaries operating across North America, Northern Africa and Middle East.