Pioneers profits rise 5.3% in 2017 to LE 1.14B

Pioneers Holding Company for Financial Investment SAE (PIOH) marked a 5.3 percent gross in its annual profits to reach LE 1.14 billion ($64.70 million) before minority, compared to LE 1.08 billion in 2016.

Net profit after minority recorded LE 741.69 million in 2017, compared to LE 704.27 million in 2016, according to a filling to the Egyptian Exchange (EGX).

Total revenues rose to LE 8.24 billion, compared to LE 6.88 billion in the previous year, achieving a 19.75 percent increase.

The company recorded consolidated profit amounting to LE 243.3 million in the third quarter, increasing from LE 151.2 million in the same period of 2016.

The standalone indicators showed that the company’s profit fell 53.1 percent to mark LE 73.35 million, down from LE 156.27 million.

Chairman of Pioneers Holding Waleed Zaki said that the real estate sector is considered to be the most strategic sector to the group due to the Egyptian government’s focus on it to support economic growth, encouraging the company to search for new investment opportunities.

Zaki anticipated that the financial sector will revive during the upcoming years coinciding with the governmental initial public offerings (IPOs), lowering of the financing cost and the inflation’s decline.

He also expected that the group’s companies in the industrial sector will witness a year of collecting profits during 2018, besides working on entering new exporting markets in Africa especially for the Arab Dairy company.

Pioneers' share at the Egyptian Exchange declined 2.27 percent at 11:53 AM of Wednesday’s session to end at LE 8.63.

Pioneers Holding Company for Financial Investment SAE (Pioneers Holding) is a public company, listed on the Egyptian Exchange (EGX) since June 2008.

It operates within the diversified financial sector focusing on investment banking and brokerage.

It has 34 subsidiaries operating across North America, Northern Africa and Middle East. Pioneers Holding is based in Cairo, Egypt and was established in March 2007.

Egypt Today Contribution Time: 14-Mar-2018 13:30 (GMT)
Egypt Today Last Update Time: 14-Mar-2018 13:30 (GMT)

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