CAIRO May 29 Egyptian investment and financial
services firm Pioneers Holding posted a 263.9 percent
rise in its first-quarter net profit on Thursday.
Pioneers made a profit of 121.9 million Egyptian pounds ($17
million) in the three months ending March 31, up from 33.5
million pounds in the same period last year.
The firm, which specialises in brokerage services, plans to
spend 1.2 billion pounds 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.
Earlier this month Pioneers said it plans to finalise an
acquisition of 60 percent in real estate company Rooya Group
within three months at a cost of 1.23 billion pounds.
($1=7.1502 Egyptian pounds)
(Reporting by Asma Alsharif; Editing by Greg Mahlich)