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After closing 2024 with one of its strongest financial performances on record, Pioneers Properties for Urban Development (Pioneers Properties), led by Egyptian businessman Waleed Zaki, is now facing a sharp downturn. Rising costs have eaten into earnings, with profit in the first half of 2025 falling by more than 80 percent.
Profit drops despite revenue growth
The Cairo-based developer reported that net profit dropped 81.8 percent year-on-year, sliding from EGP1.2 billion ($24.7 million) in the first half of 2024 to just EGP218 million ($4.5 million) in the same period of 2025. Earnings per share also fell, coming in at EGP0.21 ($0.0043) by the end of June, compared with EGP1.14 ($0.0234) the year before.
The decline was largely attributed to higher operating expenses and financial costs. This came even as the group’s revenue grew from EGP2.65 billion ($54.5 million) to EGP3.3 billion ($68 million), supported by a healthy project pipeline. The company’s backlog increased to EGP11 billion ($226.5 million), underscoring its presence among Egypt’s top property developers.
Commenting on the results, CEO Waleed Zaki noted: “Contracting business also witnessed growth, with the value of backlog reaching EGP11 billion ($226.5 million) during the first half of 2025, compared to EGP7 billion ($144.2 million) in the same period last year.”
Waleed Zaki leads Pioneers’ IVOIRE East
Under Zaki, Pioneers Properties has pursued growth in both real estate and financial markets. He holds a 27.62-percent stake in the company and has overseen major projects, including the launch of the first phase of the IVOIRE East development in New Cairo in 2024.
IVOIRE East is planned as a mixed-use community, with more than 1,000 housing units alongside commercial and administrative spaces. It is expected to create new jobs and contribute to New Cairo’s expanding economy. The company entered 2025 from a strong base, having ended 2024 with a net profit of EGP1.1 billion ($21.7 million).
