Cairo – Mubasher: Pioneers Properties for Urban Development logged higher consolidated net profits at EGP 1.47 billion in the first nine months (9M) of 2024, compared to EGP 238.35 million in 9M-23.
Total revenues hit EGP 3.92 billion as of 30 September 2024, down from EGP 4.04 billion a year earlier, according to the consolidated financial results.
Earnings per share (EPS) increased year-on-year (YoY) to EGP 1.24 in 9M-24 from EGP 0.10.
At the end of September 2024, the company achieved contractual sales of nearly EGP 24.20 billion across its various projects, both in Cairo and coastal developments, an annual leap of 73% from EGP 14 billion.
Standalone Financials
Pioneers Properties generated EGP 1.28 billion in net profit after tax during 9M-24, higher YoY than EGP 46.32 million.
Non-consolidated revenues jumped to EGP 1.44 billion in the nine-month period from EGP 173.24 million in 9M-23, while the EPS surged to EGP 1.08 from EGP 0.04.
Financials for Q3-24
In the third quarter (Q3) of 2024, the group’s consolidated net profit hiked to EGP 138.21 million from EGP 64.37 million in Q3-23, while the revenues edged down to EGP 1.271 billion from EGP 1.273 billion.
As for the standalone results, the EGX-listed firm posted an annual leap in net profit to EGP 107.55 million during Q3-24, versus EGP 28.34 million. EPS enlarged to EGP 0.190 from EGP 0.004.
Waleed Zaki, CEO of Pioneers Properties, noted: “Shareholders' equity reached EGP 13.60 billion, compared to EGP 10 billion as of 31 December 2023 recording an increase of 36%.”
As of 31 March 2024, the consolidated net profits surged by 1,051% YoY to EGP 1.17 billion from EGP 102.12 million.
