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Key Points
- Pioneers Properties reports a 166% profit surge, reaching $21.7 million for FY 2024, driven by strong sales and strategic growth.
- Despite a slight decline in operating revenues, contracted sales of $855 million fueled the company’s profit growth.
- Under Waleed Zaki’s leadership, Pioneers Properties launched the IVOIRE East project in New Cairo, valued at $712 million.
Pioneers Properties for Urban Development (Pioneers Properties), an Egyptian real estate developer led by Waleed Zaki, posted impressive financial results for the fiscal year ending Dec. 31, 2024. The company’s profit surged to $21.7 million, exceeding expectations.
Profits surge 166%, operating revenue dip slightly
According to its financial results, the company saw a remarkable 166 percent jump in profits, rising from EGP414 million ($8.2 million) in 2023 to EGP1.1 billion ($21.76 million) in 2024. Earnings per share (EPS) climbed to EGP0.48 ($0.0095) from EGP0.15 ($0.0029).
This strong performance came despite a slight decline in operating revenues, which fell to EGP4.99 billion ($98.64 million) from EGP5.78 billion ($114.3 million). Additionally, the company's contracted sales totaled EGP43.2 billion ($855 million).
Zaki leads Pioneers Properties expansion
Under Zaki, Pioneers Properties has expanded into both real estate and financial markets. Zaki, who also owns 27.62 percent of the company, previously headed Pioneers Holding Company.
His vision led to the launch of the first phase of the ambitious IVOIRE East project in New Cairo in 2024. The project, located on the 90th South Road near the American University in New Cairo, spans 438,000 square meters and is estimated to cost EGP22 billion ($712 million).
The IVOIRE East development is designed to house over 1,000 families, featuring a mix of luxurious villas, duplexes, and commercial and administrative spaces. The project is expected to generate numerous employment opportunities, contributing to the local economy.
Pioneers Properties realigns portfolio with UCHD stake sale
In 2023, Pioneers Properties refined its portfolio by selling shares in United Company for Housing and Development (UCHD), one of Egypt’s longstanding real estate players.
The company divested 45.29 million shares, worth EGP235.1 million ($7.6 million), reducing its stake from 35.06 percent to 17.74 percent. This move underscores the company’s strategy of unlocking value from existing investments while continuing to expand and diversify its portfolio.
