Egypt’s Pioneers Holding posts 264% surge in Q1 net income

June 1, 2014 12:15 am

Egyptian investment and financial services firm, Pioneers Holding has said its net profit surged 263.9% in the first three months of this year to EGP121.9m ($17m), up from EGP33.5m in the same period last year, Reuters has reported. The firm, which specialises in brokerage services, said it plans to spend EGP1.2bn in 2014 to complete ongoing investments and implement new ones. Earlier in May, Pioneers said it plans to finalise an acquisition of 60% in real estate company Rooya Group within three months at a cost of EGP1.23bn.