EGX-listed Beltone sees major turnaround as 9m profit grows 161%
Beltone Financial Holding has reported robust growth with a 161% year-on-year increase in net profit for the first nine months of 2023, reaching EGP 86 million ($2.8 million). This is a significant turnaround from the previous year when the company recorded a loss of EGP 140 million.
The operating revenue for the same period surged by 271% year-on-year, reaching EGP 957 million. This growth is attributed to strong operational performance across non-banking financial institutions (NBFIs), the investment bank, and other ventures.
The NBFIs operating revenue experienced remarkable growth, reaching EGP 478 million, reflecting a substantial increase of 680% year-on-year. Meanwhile, the investment bank's operating revenue stood at EGP 198 million, and the securities brokerage margin lending portfolio rose to EGP 621 million. Beltone's assets under management (AUM) reached EGP 23 billion at the end of September, contributing to the positive overall financial performance.
Key Takeaways
Beltone's new management has initiated a comprehensive restructuring and transformation process following an acquisition. This strategic overhaul involved revamping various functions, implementing new policies and procedures, and ensuring adequate capitalization through a recent Rights Issue. The company also assembled a high-caliber team to manage, grow, and diversify Beltone's offerings and income streams while unlocking synergies. During the third quarter of 2023, Beltone Leasing obtained regulatory approval to add Factoring to its lines of business, expanding its financial services portfolio. Additionally, Beltone Mortgage Finance received regulatory approval for its license in November 2023, bringing the total number of Beltone's licenses to 16. Beltone Venture Capital increased its investments during the first nine months of 2023, contributing to the growth of various ventures, including SehaTech, WayUp Sports, Bosta, and Ariika.
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