Waleed Zaki Leads Egyptian Real Estate Developer To 21 Million Profit In 2024

Pioneers Properties reports a 166 profit surge, reaching 21.7 million for FY 2024, driven by strong sales and strategic growth.

Despite a slight decline in operating revenues, contracted sales of 855 million fueled the companys profit growth.

Under Waleed Zakis leadership, Pioneers Properties launched the IVOIRE East project in New Cairo, valued at 712 million.

Pioneers Properties for Urban Development Pioneers Properties, an Egyptian real estate developer led by Waleed Zaki, posted impressive financial results for the fiscal year ending Dec. 31, 2024. The companys profit surged to 21.7 million, exceeding expectations.

According to its financial results, the company saw a remarkable 166 percent jump in profits, rising from EGP414 million 8.2 million in 2023 to EGP1.1 billion 21.76 million in 2024. Earnings per share EPS climbed to EGP0.48 0.0095 from EGP0.15 0.0029.

This strong performance came despite a slight decline in operating revenues, which fell to EGP4.99 billion 98.64 million from EGP5.78 billion 114.3 million. Additionally, the company's contracted sales totaled EGP43.2 billion 855 million.

Under Zaki, Pioneers Properties has expanded into both real estate and financial markets. Zaki, who also owns 27.62 percent of the company, previously headed Pioneers Holding Company.

His vision led to the launch of the first phase of the ambitious IVOIRE East project in New Cairo in 2024 . The project, located on the 90th South Road near the American University in New Cairo, spans 438,000 square meters and is estimated to cost EGP22 billion 712 million.