PIONEERS PROPERTIES FOR URBAN DEVELOPMENT(PREDCO)
PRDC
Financial ResultsPositive News
Pioneers Properties’ Q1-24 Profit Soars 1,051% YoY Amid Revenue Growth
Pioneers Properties reports explosive 1,051% YoY profit surge in Q1-24 with significant revenue and EPS growth.
June 10, 2024 at 11:28:00 AMScore: 92
Pioneers Properties for Urban Development reported a staggering 1,051% year-on-year surge in consolidated net profit for Q1-24, reaching EGP 1.17 billion compared to EGP 102.12 million in Q1-23. Operational revenues edged higher to EGP 1.66 billion from EGP 1.65 billion, while earnings per share (EPS) jumped to EGP 1.013 from EGP 0.063. Standalone results were equally impressive, with net profit soaring to EGP 1.06 billion (vs. EGP 45.93 million in 3M-23) and revenues leaping to EGP 1.10 billion (vs. EGP 75.61 million). The company also reversed its 2022 loss, posting a consolidated net profit of EGP 556.97 million in 2023.
Recommended Actions
- Monitor stock price trends for potential entry points
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- Assess management's 2024 guidance for revenue targets
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Positive Aspects
- Record-breaking profit surge
- Consistent revenue expansion
- EPS growth of over 1,500%
- Turnaround from annual loss in 2022
Negative Aspects
- High base effect may challenge future YoY comparisons
- Marginal revenue growth amid rising costs
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