Cairo – The consolidated net profits attributable to the owners of Pioneers Properties for Urban Development EGP 190.10 million in the first half (H1) of 2023 from EGP 72.87 million in H1-22.

Operating revenues enlarged year-on-year (YoY) to EGP 2.76 billion in January-June 2023 from EGP 2.40 billion, according to the consolidated income statements.

Earnings per share (EPS) amounted to EGP 0.10 as of 30 June 2023, up from EGP 0.06 in H1-22

The total assets widened to EGP 37.68 billion in H1-23 from EGP 33.08 billion as of 31 December 2022.

Standalone Business

The EGX-listed company reported standalone net losses after tax worth EGP 35.51 million during the first six months (6M) of 2023, compared to EGP 60.84 million in 6M-22.

Non-consolidated revenues jumped to EGP 27.59 million during H1-23 from EGP 7.40 million in the year-ago period, while the loss per share dropped to EGP 0.03 from EGP 0.05.

Financials for Q2-23

In the second quarter (Q2) of 2023, Pioneers Properties registered EGP 43.02 million in consolidated net profit attributable to the shareholders, versus EGP 73.48 million a year earlier.

The operating revenues declined to EGP 1.11 billion in April-June 2023 from EGP 1.35 billion during the same period in 2022, while the EPS went down to EGP 0.04 from EGP 0.07.

Meanwhile, the standalone net losses after tax retreated to EGP 9.57 million in Q2-23 from EGP 30.47 million in Q2-22, whereas the loss per share plummeted to EGP 0.009 from EGP 0.029.

Waleed Zaki, CEO of Pioneers Properties, indicated: “With a declining currency and record-high inflation, Egypt's economy continues to be unstable, which has driven up borrowing costs and commodities prices. The real estate market, however, quickly recovered and keeps expanding.”

“As for the contracting segment, the company's contracting backlog reached EGP 5.10 billion in H1-23,” Zaki added.

During the three-month period that ended on 31 March 2023, the real estate developer reported a hike in consolidated net profit to EGP 102.12 million, versus EGP 44.49 million in Q1-22, including minority interest.

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