In a remarkable turnaround, Beltone Holding reported a profit of EGP 369m in 2023, a significant shift from the EGP 269m loss the previous year. This recovery is attributed to a restructuring strategy initiated early last year after a period of sustained losses.
The company’s consolidated operating revenues soared to EGP 1.9bn, a 411% increase from the previous year, driven by robust performance in non-banking financial services and investment banking, which alone generated EGP 560m in operating revenues, marking a 117% growth.
Beltone Securities’ margin lending portfolio value quadrupled to EGP 1.2bn, up from EGP 245m in 2022. Beltone Asset Management also saw its managed assets grow by 36% to EGP 27bn, compared to EGP 19.9bn in the prior year.
Throughout 2023, Beltone executed numerous transactions, including mergers and acquisitions, underwriting, and debt issuances, cumulatively valued at EGP 122bn since the company’s inception.
Moreover, Beltone Risk Capital expanded its investment portfolio, backing companies like SehaTech, WayUp Sports, Bosta, Ariika, and Lychee. Beltone for Small and Medium Enterprises Financing is also on track to receive its operating license, having secured preliminary approval from the Financial Regulatory Authority.
