Cairo – Mubasher: Pioneers Properties for Urban Development achieved EGP 238.35 million in consolidated net profit after tax during the first nine months (9M) of 2023.
The recorded net profits were higher year-on-year (YoY) than EGP 159.84 million, including minority interest, according to the consolidated financial results.
Revenues amounted to EGP 4.04 billion in 9M-23, up 5.13% from EGP 3.84 billion during the nine-month period that ended on 30 September 2022.
Basic and diluted earnings per share (EPS) increased to EGP 0.10 in January-September 2023 from EGP 0.08 a year earlier.
Total assets reached EGP 42.57 billion in 9M-23, higher than EGP 33.08 billion as of 31 December 2022.
The group posted contracted sales of more than EGP 14 billion. Cairo projects recorded contracted sales valued at EGP 11 billion, which is contributable to the new launches that took place during 9M-23.
Standalone Business
Pioneers Properties incurred standalone net losses after tax valued at EGP 33.23 million during the nine-month period that ended on 30 September 2023, down YoY from EGP 55.71 million.
Operations revenues stood at EGP 93.68 million in 9M-23, an annual rise from EGP 72.71 million.
Basic and diluted loss per share dropped YoY to EGP 0.03 as of 30 September 2023 from EGP 0.05.
Financials for Q3-23
During the third quarter (Q3) of 2023, the listed company turned profitable at EGP 64.37 million, against consolidated net losses amounting to EGP 29.74 million in Q3-22.
The revenues plunged to EGP 1.27 billion in Q3-23 from EGP 1.43 billion in Q3-22, while the basic and diluted EPS retreated to EGP 0.003 from EGO 0.013.
Non-consolidated net profits after tax shrank to EGP 2.28 million in July-September 2023 from EGP 5.12 million in Q3-22, while the revenues fell to EGP 66.08 million from 65.30 million.
The CEO of Pioneers Properties, Waleed Zaki, highlighted: “The real estate sector is witnessing high demand until now due to the existence of a gap between supply and demand in the Egyptian market, and most individuals are taking real estate as a means of preserving the value of their savings during this challenging phase.”
In the first half (H1) of 2023, the real estate developer posted consolidated net profits attributable to the shareholders worth EGP 190.10 million, compared to EGP 72.87 million in H1-22.
