Egypt: Pioneers properties' consolidated profits jump 998.27% YoY in H1

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Pioneers Properties for Urban Development (PRDC) posted a 998.27% year-on-year (YoY) increase in consolidated profits attributable to the holding company during the first half (H1) of 2024, according to financial statements filed to the Egyptian Exchange (EGX) on August 22nd.

The company’s consolidated profits excluding minority interest rose to EGP 1.198 billion in H1 2024 from EGP 109.100 million in H1 2023.

Consolidated revenues dropped to EGP 2.648 billion in H1 2024 from EGP 2.768 billion.

Moreover, the company’s standalone net profits after tax rose to EGP 1.172 billion in H1 2024 from EGP 17.981 million in the same period last year.

Founded in 2021, Pioneer Properties for Urban Development is an Egypt-based company primarily engaged in real estate development, investment, and construction activities.