Pioneers Properties for Urban Development Company (PRE Group), the Cairo-based real estate and urban development company led by Egyptian tycoon Waleed Zaki , reported a 66.2 percent increase in net profit in the first half of 2026, helped by higher revenue from contracting and real estate sales as well as gains from the revaluation of investment properties.

Net profit rises on strong revenue growth

The leading Egyptian property and infrastructure developer reported a consolidated net profit of EGP837.92 million ($16.7 million) for the six months ended June 30, 2026, compared with EGP504.22 million ($10.05 million) in the corresponding period of 2025, according to its latest financial statements. Profit before income taxes rose 74.8 percent to EGP1.16 billion ($23.12 million) from EGP660.7 million ($13.2 million) a year earlier.

Net profit attributable to equity holders of the parent company climbed to EGP514.91 million ($10.3 million) from EGP217.96 million ($4.3 million) in the prior-year period, resulting in earnings per share of EGP0.5 ($0.01) compared to EGP0.21 ($0.0042). Total operations revenue advanced 18.1 percent to EGP3.87 billion ($77.2 million) from EGP3.28 billion ($65.4 million), outstripping operations costs of EGP2.22 billion ($44.2 million).

Contracting and unit sales drive operational income

Real estate sales remained the company’s largest revenue contributor, generating EGP1.87 billion ($37.3 million) during the six-month period, up from EGP1.86 billion ($37.1 million) in the first half of 2025. Contracting activity revenue rose sharply to EGP1.79 billion ($35.7 million) from EGP1.23 billion ($24.5 billion), reflecting expanded construction operations across its portfolio.

Rental income from investment properties climbed to EGP199.07 million ($2.37 million) from EGP174.56 million ($3.47 million), while retail activity contributed EGP5.52 million ($110,000). Bottom-line performance was further bolstered by an EGP561.5 million ($11.2 million) revaluation gain on investment properties—principally driven by Point 90 Mall and Al-Multaka Mall—compared to EGP117.57 million ($2.3 million) in the previous period.

Pioneers Properties assets rise to $1.49 billion

Pioneers Properties remains one of Egypt’s premier development conglomerates, operating across residential, touristic, contracting, and commercial property segments. Prominent shareholders include, Abdelkader Elmohedeb and Sons Company with 12 percent, and Taha Ibrahim Mostafa Mohamed Eltelbani with 10.16 percent, alongside CEO Waleed Zaki’s direct holding of 8.6 percent, and indirect holding of 21.26 percent stake through WZ Investment and Trading.

Its improved half-year performance expanded its asset base. Total assets increased to EGP74.94 billion ($1.49 billion) as of June 30, 2026, from EGP67.65 billion ($1.34 billion) at the end of December 2025. Housing and development projects under construction grew to EGP52.42 billion ($1.04 billion) from EGP47.3 billion ($940 million), while equity rose to EGP14.38 billion ($286.7 million) from EGP13.59 billion ($270.9 million), reinforcing its capital position.