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PHC records EGP 1.35bn consolidated net profit - Daily News Egypt

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PHC records EGP 1.35bn consolidated net profit

Consolidated revenues exceeds EGP 9bn, 38.09% growth in net profits after minorities

Pioneers Holding Company (PHC) released on Wednesday its consolidated financial results for the period ending 31 December 2019.

The group recorded a net income increase, after minority interest, of EGP 1.078bn in FY 2018/19, for revenues of EGP 9.36bn. This makes a y-o-y increase of 38.09% against the revenues of EGP 8.56bn in 2018, reflecting the group’s solid performance.

PHC’s management was able to enhance the group’s overall performance in which the consolidated top line increased by approximately 9% y-o-y. This comes on the back of healthy real estate and industrial sector growth, contributing 59.3% and 39.9% to total revenues, respectively 

Following the success achieved during 2018, this year was another significant milestone for pioneers, in which our net profit after minorities witnessed a 38% y-o-y increase as a result of our long term strategy,” said Waleed Zaki, PHC Founder and Chairperson. “This achieved the successful transformation of Pioneers Holding from a financial services group to a sizeable investment company with diverse platforms.”

Zaki added that, despite the current local and global volatility, “We believe that 2020 is a significant year for PHC, as we are implementing our internal restructuring plan, which should allow for synergy extraction, streamlined decision making and enhanced operational performance.”

Zaki also said that PHC’s management is continuously monitoring strategies and future plans, ensuring that this should have a positive effect on the company’s financial performance and maximise shareholders wealth.

He noted that the company will continue to look out for new investment opportunities while setting a clear exit strategy for each investment.

Zaki added, “We decided to expand our scope and tap into new investment opportunities. Accordingly, we have established Alnour Pharma, to be our first investment in the medical services sector. We are currently also in the process of increasing our stake in five of our subsidiaries through a share swap deal.”

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