The financial statements of Pioneers Properties for Urban Development revealed that the company’s profits increased by 1,045% for the first quarter of this year.

The company explained, in a statement to the stock exchange today, that it recorded a net profit of 1.17 billion pounds during the period from January until the end of March 2024, compared to 102.12 million pounds during the same period in 2023.

The company's revenues increased during the first three months of this year to 1.66 billion pounds, compared to 1.65 billion pounds in the same period in 2023.

The reason for the increase in profits is that the company achieved approximately 1.5 billion pounds of differences in revaluation of real estate investments.

At the level of independent listings, the company’s profits rose to 1.06 billion pounds, compared to profits worth 45.93 million pounds during the same period in 2023.

Pioneers Properties for Urban Development achieved a net profit of 556.97 million pounds during the period from January to the end of December 2023, compared to a loss of 81.08 million pounds during 2022, taking into account minority rights.

The company's revenues declined to record 5.78 billion pounds during 2023, compared to 7 billion pounds in revenues in 2022.

Regarding the unconsolidated lists, the independent company’s losses decreased during 2023 to 26.56 million pounds, compared to losses worth 80.33 million pounds during 2022.