Egypt’s Pioneers Holding 2013 profit rises 37%

Daily News Egypt
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Reuters – Egyptian investment firm Pioneers Holding posted a 37% increase in net profits for last year, it said in a bourse statement on Wednesday.

Pioneers made EGP 358m ($51m) in 2013 compared with EGP 260.5m in the previous year, it said.

The firm, which specialises in brokerage services, said earlier this year it planned to spend EGP 1.2bn in 2014 to complete ongoing investments and implement new ones.

Pioneers offers market research and investment banking for retail and institutional clients. It operates in Egypt, the United Arab Emirates and Bahrain.

In February, the firm said it planned to acquire a 60% stake in real estate investment firm Roaya Group by the end of the first quarter in a deal expected to cost around EGP 1bn.

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