CAIRO: Egypt’s Pioneers Holding posted a second-quarter net profit of 321.9 million Egyptian pounds ($41.14 million) on Thursday, up from 96 million a year earlier, on strong revenue growth in its subsidiaries.The company posted second quarter revenues of 1.61 billion Egyptian pounds, up from 444.11 million pounds during the same period last year, Pioneers said in a statement to the Cairo bourse.”The main reason for the leap in profits was the strong performance of the real estate and industrial companies that are part of Pioneers,” chief executive Walid Zaki told Reuters.
The results show the success of Pioneers’ strategy of acquiring stakes in other companies since 2011, Zaki said.
Shares of Pioneers were trading at 6.96 pounds at 1015 GMT, up 9.95 percent.
Pioneers will work in the coming period to increase its holdings in subsidiary companies, Zaki said.
Pioneers specialises in market research and brokerage services but also has investment arms in real estate, industry and financial services.
Some of the companies Pioneers has acquired significant stakes in are Cairo for Housing and Development, Roaya Group, United Housing, Universal for Paper and Packaging Materials, and Electro Cable Egypt.