Beltone reports 271% growth in revenue in 9M 2023

Daily News Egypt
2 Min Read

Beltone Financial, a leading financial services group in Egypt, announced Sunday that it achieved revenues of EGP 957m in the first nine months of 2023, a growth of 271% year-on-year, driven by strong performance across its non-banking financial institutions (NBFIs), Investment Bank, and Other Ventures.

According to a statement issued by the company on Sunday, the NBFI revenue reached EGP 478m in the same period, a growth of 680% year-on-year. The main contributors to this growth were Leasing, Consumer Finance, Microfinance, and Venture Capital.

The Investment Bank revenue amounted to EGP 198m in the same period. The Securities Brokerage Margin Lending Portfolio grew to EGP 621m, increasing 2.1 times year-on-year. The assets under management reached EGP 23bn, a growth of 16% year-on-year.

The statement also said that the company underwent a major transformation and restructuring process, following the acquisition by Orascom Investment Holding. The company revamped many functions, policies, and procedures, capitalized the business through a recent Rights Issue, built a best-in-class team, and diversified its offerings and income stream.

As part of its transformation and restructuring strategy, the company launched its new brand identity, which reflects its vision, values, and ambitions. The company also rebranded its consumer finance arm from “BelCash” to “Seven”, which offers innovative fintech payment solutions that bridge the gap between financial capability and aspiration.

The company also added new lines of business to its portfolio, such as factoring and mortgage finance, which received regulatory approvals in the third quarter of 2023 and November 2023, respectively. The company now holds 16 licenses in various financial services sectors.

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