Beltone Financial Holding has released its consolidated financial and operational results for the period ending September 30, 2023, Invest-Gate reports.

Following the acquisition, Beltone’s new management has undertaken a restructuring and transformation journey, implementing revamped functions, policies, and procedures. The company has been adequately capitalized through a recent Rights Issue and has built a strong team to manage, grow, and diversify its offerings and income streams while unlocking synergies.

During the first nine months of 2023 (9M2023), Beltone experienced significant transformation and restructuring, leading to a solid turnaround. Operating revenue grew to EGP 957 mn, a remarkable 271% year-on-year (YoY) increase. This growth was driven by strong operational performance across the Non-Banking Financial Institutions (NBFIs), complemented by the Investment Bank and Other Ventures.

The company’s EBITDA reached EGP 266 mn in 9M2023, representing a substantial 9.5x YoY growth. Net profit stood at EGP 86 mn, a significant increase of 161% YoY compared to a net loss of EGP 140 mn during the same period last year. This positive result demonstrates the effectiveness of the restructuring and turnaround efforts undertaken over the past year.

The NBFIs segment generated operating revenue of EGP 478 mn in 9M2023, reflecting a remarkable 680% YoY growth. The growth was primarily driven by leasing revenue, followed by consumer finance, microfinance, and venture capital.

In the Investment Bank segment, operating revenue amounted to EGP 198 mn in 9M2023. The Securities Brokerage Margin Lending Portfolio experienced a 2.1x YoY growth, reaching EGP 621 mn. Additionally, the Assets Under Management reached EGP 23 bn, representing a 16% YoY increase.