Beltone Holding reports 812% YoY increase in operating revenue, reaching EGP 1.33bn

Daily News Egypt
3 Min Read

In its consolidated financial and operational results for the period ending 31 March 2024, Beltone Holding continued to benefit from its turnaround and growth strategy. The company achieved remarkable top-line growth, with operating revenue soaring by 812% YoY to reach EGP 1.33bn during 1Q2024. This impressive performance was driven by the expansion of the Non-Banking Financial Institutions (NBFIs) platform and the exceptional results from the Investment Bank.

  • Investment Bank Performance:
    • Operating revenue increased by 355% YoY to EGP 236m. This growth was primarily fueled by robust Brokerage operations, supported by higher commissions. Additionally, the Margin Lending Portfolio expanded significantly to EGP 1.24bn, representing a remarkable 675% YoY increase.
    • Assets under management rose by 56% YoY to EGP 29.4bn, compared to EGP 18.8bn in 1Q2023, leading to increased management fees.
    • The investment banking division expanded its 2024 pipeline across various sectors, offering comprehensive services in M&A, equity capital markets (ECM), and debt capital markets (DCM). It also provides financial and Export Credit Agency (ECA) advisory services, along with an opportunistic-based credit fund introduced during 2H2023.
  • NBFIs Platform Growth:
    • The NBFIs platform achieved remarkable results during 1Q2024, with Operating Revenue soaring by 1,297% YoY to EGP 1.04bn.
    • The outstanding portfolio grew by 891% YoY to EGP 13.1bn, up from EGP 1.3bn during the same period last year.
    • Notably, leasing & factoring and consumer finance business lines were the main contributors to this growth. Outstanding Portfolios in these areas rose significantly (7x and 11x, respectively) to EGP 7.9bn and EGP 2.8bn.
    • The mortgage finance outstanding portfolio recorded EGP 2.1bn, capturing a 24% market share during 1Q2024. Additionally, the Outstanding Portfolio of Cash for Microfinance more than doubled to EGP 284m compared to 1Q2023’s EGP 128m.
  • Beltone Venture Capital (BVC):
    • BVC made two new equity investments during 1Q2024, backing BirdNest and Sylndr. Additionally, BVC participated in a follow-up round for Way Up Sports.
    • Furthermore, BVC concluded a debt transaction with Sylndr.
    • The newly established Beltone SME received initial regulatory approval for its license during 1Q2024.

 

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