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Pioneers 2nd-Quarter Net Rises as Subsidiary Revenues Grow

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Sept. 6 (Bloomberg) -- Pioneers Holding, the Cairo-based investment bank, said its second-quarter profit rose by 24 percent as revenues from its subsidiaries doubled over the last six months.

Net income increased to 37.8 million Egyptian pounds from 30.4 million pounds a year earlier, the company said in a statement to the Egyptian bourse. Revenues jumped to 433.1 million pounds from 45.5 million pounds.

“What’s reflected is the result of the company’s aggressive expansion over the last year,” Khaled El Tayeb, a Pioneers board member, said in a telephone interview. “We made more than 600 million pounds worth of investments, and all of the companies doubled their profit over the last six months.”

The biggest investments have been in listed subsidiaries such as El Kahera Housing, Egyptian Electrical Cables and Upper Egypt Contracting, the director said. The company’s expenses soared from 1.5 million to 322.5 million pounds, a result of its subsidiaries’ restructuring costs, El Tayeb said.

The company is still waiting for new regulations on global depositary receipts by the Egyptian Finance Services Authority before listing in New York, he said. Expectations for the next six months are “very good”, especially from Pioneers’ financial services divisions, El Tayeb said.

Pioneers’ shares rose 1.3 percent to 4.71 pounds at the close in Cairo, valuing the company at 2.36 billion pounds. The stock has surged 112 percent this year, compared with a 53 percent rise for the benchmark EGX 30 Index.

To contact the reporter on this story: Nadine Marroushi in Cairo at nmarroushi@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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