Beltone Holding, one of the fastest-growing financial institutions, highlighted that its successful turnaround and restructuring strategy, implemented during FY 2023, has driven significant growth in consolidated top-line performance, pointing out that Operating Revenue witnessed a remarkable increase of 411% YoY reaching EGP 1.9 bn.

This came in the announcement of the company’s consolidated financial and operational results for the period ending December 31, 2023, Invest-Gate reports.

This exceptional growth can be attributed to the development and expansion of the Non-Banking Financial Institutions (NBFIs) platform, alongside the strong performance of the Investment Bank and Other Ventures.

In addition, EBITDA for FY2023 reached EGP 637 mn, compared to a negative EBITDA of EGP 61 mn during the same period last year. Net Profit also recorded a substantial increase, reaching EGP 369 mn, compared to a Net Loss of EGP 269 mn in FY2022. These impressive results serve as a testament to the robustness of the turnaround strategy, following years of losses.

The Investment Bank played a crucial role in driving the Group’s transformative results, with Operating Revenue increasing by 117% YoY to EGP 560 mn. This growth was primarily fueled by strong Brokerage operations, supported by a successfully augmented Margin Lending Portfolio of EGP 1.2 bn, four times higher than the previous year.

Assets Under Management also experienced significant growth, rising by 36% YoY to EGP 27 bn, up from EGP 19.9 bn in FY2022, which led to increased management fees.

Furthermore, the Investment Banking division secured several new mandates with diverse scopes throughout the year, including capital raising and M&A advisory. These achievements have brought the total executed deals since inception to EGP 122 bn, encompassing both local and regional markets.

The NBFIs platform demonstrated exceptional performance in FY2023, as Operating Revenue surged by 989% YoY to EGP 987 mn. This impressive growth was driven by the robust transformation and development of the platform, resulting in a 14.2-fold increase in its Outstanding Portfolio, reaching the EGP 10 bn milestone, up from EGP 702 mn in the previous year.