Beltone Financial Holding, has seen its nine-month (9M) operating revenue zoom 271% to record EGP957 million ($30.96 million) and net profit soar 161% to EGP86 million.

 

In 9M 2023, the company witnessed remarkable transformation and restructuring that led to a solid turnaround. Operating Revenue increased driven by strong operational performance across the Non-Banking Financial Institutions (NBFIs), complemented by the Investment Bank and Other Ventures.

 

EBITDA amounted to EGP266 million in 9M2023, a growth of 9.5x YoY. Net Profit recorded EGP86 million, an increase of 161% YoY, compared to a Net Loss of EGP140 million during the same period last year, a strong testimony to the restructuring and turnaround that took place over the past year.

 

NBFIs Operating Revenue

The NBFIs Operating Revenue recorded EGP478 million in 9M2023, a growth of 680% YoY. Leasing Revenue was one of the main drivers behind said growth, followed by Consumer Finance, Microfinance and Venture Capital. 

 

The Investment Bank Operating Revenue amounted to EGP198 million in 9M2023. The Securities Brokerage Margin Lending Portfolio grew to EGP621 million during 9M2023, increasing 2.1x YoY. While Assets Under Management reached EGP23 billion, a growth of 16% YoY.

 

As part of Beltone’s transformation and restructuring strategy, the Company launched its new revamped brand identity. The Consumer Finance arm was rebranded from “BelCash” to “seven”, reinforcing Beltone's position as a leading Consumer Finance powerhouse which offers innovative fintech payment solutions that bridge the gap between financial capability and aspiration.

 

Beltone Leasing

Beltone Leasing received regulatory approval on adding Factoring to its lines of business during 3Q2023. Furthermore, Beltone Mortgage Finance received regulatory approval on its license in November 2023, which brings Beltone’s existing licenses to 16 licenses. 

 

Beltone Venture Capital increased its investments during 9M2023, by investing in SehaTech, WayUp Sports, Bosta and Ariika.

 

In September 2023, Beltone acquired 100% of Cash for Microfinance, a leading FRA-licensed microfinance provider in Upper Egypt, with ambitious plans to strengthen its reach by increasing its branches capacity across Egypt and launch many mobile branches, to make its financial services available to customers especially in remote areas.--TradeArabia News Service