Pioneers Properties’ Consolidated Profits Skyrocket 1,516.07% YoY in Q1

Pioneers Properties for Urban Development (PRDC) posted a 1,516.07% year-on-year (YoY) increase in consolidated profits attributable to the holding company during the first quarter (Q1) of 2024, according to financial statements filed to the Egyptian Exchange (EGX) on June 10th.

The company’s consolidated profits excluding minority interest rose to EGP 1.067 billion in Q1 2024 from EGP 66.077 million in Q1 2023.

Consolidated operating revenues jumped to EGP 1.668 billion in Q1 2024 from EGP 1.655 billion.

Moreover, the company’s standalone net profit after tax rose to EGP 1.066 billion in Q1 2024 from EGP 45.934 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.