Beltone Holding rise by 818 percent in revenues in H1 fueled by strong sector performance

(MENAFN) Beltone Holding, a leading Egyptian financial services company, reported an impressive 818 percent year-on-year increase in operating revenues for the first half of 2024. The company's operating revenues surged to EGP 2.9 billion from January to June, with a net profit of EGP 817 million after taxes and minority interests. This marked a significant turnaround from the EGP 146 million loss recorded in the same period of 2023. The dramatic growth in revenue and profit is attributed to the strong performance of both the investment banking and non-banking financial services sectors, which contributed to a net operating profit margin expansion to 64 percent.

In the second quarter of 2024 alone, Beltone Holding's operating revenues reached EGP 1.6 billion, reflecting an extraordinary 822 percent increase year-over-year, while net operating profit rose by 62 percent to EGP 1 billion. The company credits its robust performance to strategic expansions and operational efficiencies, particularly in sectors such as real estate finance and venture capital. CEO Dalia Khorshid emphasized that the positive financial results are a testament to the effective execution of the company's growth strategies and transformation initiatives.

Khorshid highlighted several key achievements, including the Financial Regulatory Authority's approval for Beltone Holding to finance small and medium enterprises and the company's new partnership with CI Venture Capital to manage a USD30 million investment fund. These developments underscore Beltone's ongoing commitment to expanding its financial services and enhancing its market position. 

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