Beltone Holding eyes dual listing on NASDAQ Dubai

Fatma Salah
2 Min Read

Beltone Financial Holding is reportedly gearing up for a dual listing of its shares on NASDAQ Dubai. Insiders told Daily News Egypt that the financial firm has been considering this move for a while, but awaited a stable exchange rate between the Egyptian pound and the US dollar. The company is poised to initiate the listing procedures in the latter half of the current year, once the economic climate stabilizes.

The anticipated completion of the listing process is slated for either the end of this year or early 2025, contingent on procedural progress.

This strategic move is expected to bolster Beltone Holding’s promotional efforts by broadening the dissemination of its financial data. It aims to increase product and service awareness, as well as financial performance, thereby attracting a new cohort of foreign and Arab investors.

A significant surge in Beltone Holding’s revenues is evident, with a 271% increase during the first nine months of the current fiscal year, amounting to approximately EGP 957 million.

Marking a turnaround from a three-year loss streak, the company reported a net profit of around EGP 86 million by September’s end, a stark contrast to the EGP 140 million loss in the same period last year.

The operating revenues from non-banking financial activities witnessed a remarkable 680% year-on-year growth during the first nine months, reaching EGP 478 million. This growth was propelled by an uptick in leasing revenues, followed by gains in consumer finance, microfinance, and venture capital.

In a strategic expansion move, Beltone Holding finalized the acquisition of Cash for Microfinance in September 2023. This acquisition is set to expand the company’s branch network nationwide and introduce several mobile branches.

Share This Article
Leave a comment