Beltone Holding, a rapidly growing financial institution, achieved a remarkable turnaround in H1 2024 by reporting a net profit after tax and minority interest of EGP 817 mn, in stark contrast to the EGP 146 mn loss incurred during the first half of 2023, Invest-Gate reports.

Beltone’s adept execution of its turnaround and growth strategy sparked a substantial surge in consolidated top-line performance, with operating revenue hitting EGP 2.9 bn, marking an impressive 818% year-on-year increase.

This surge in revenue was underpinned by stellar performances in both the Investment Bank and Non-Banking Financial Institutions (NBFIs) sectors, propelling the net operating profit margin to 64%. Notably, the Investment Bank and NBFIs played pivotal roles in driving these unprecedented results.

In Q2 2024, Beltone Holding recorded operating revenue of EGP 1.6 bn, reflecting an 822% year-on-year increase. The net operating profit reached EGP 1 bn, with the operating profit margin hitting 62%.

Dalia Khorshid, CEO of Beltone Holding, emphasized, “This growth not only underscores our financial success but also highlights the strategic initiatives we’ve undertaken, such as venturing into impactful areas like mortgage and venture capital. Our transformation transcends mere numbers; it’s about solidifying our position as an industry leader and setting a new standard in the financial services domain.”

She further added, “In the first half of the year, Beltone Holding made significant strides in expanding our operational footprint. The recent approval by the Financial Regulatory Authority of our SME finance license underscores our deep commitment to empowering small and medium enterprises, vital components of our economy. Our collaboration with CI Venture Capital to oversee a $30 mn fund is another step in our journey to bolster promising startups across diverse sectors.”

Khorshid highlighted Beltone Mortgage’s rapid rise to a prominent market position, capturing over 22% of the market share to meet the escalating local demand for real estate finance as Egypt’s fastest-growing mortgage provider. Additionally, the launch of the $100 mn private credit platform through Beltone Investment Holding is a strategic move to support Egyptian exporters, ensuring they have the necessary financial resources to excel in a competitive global market.