Beltone Holding, one of the fastest growing financial institutions, has reported a groundbreaking financial performance for the first nine months of 2024, with consolidated operating revenues soaring by 405 percent year-on-year to EGP 4.8 billion and net profits skyrocketing 1,218 percent to surpass EGP 1.13 billion. The company’s net profit margin reached an impressive 23.4 percent, signaling the success of its transformation strategy.
The results, announced on Monday 18 November, underscore Beltone’s exceptional financial and operational achievements, marking a significant milestone as the group crossed the EGP 1 billion profit threshold for the first time.
“Achieving record net profit and crossing the EGP1 billion for the first time, is a testament to the group’s ability in delivering on its transformation strategy and to generate growth while delivering sustainable profitability,” said Dalia Khorshid, Group CEO and Managing Director of Beltone Holding, in a statement.
“This solid financial and operational performance across all business lines is a direct result of the group’s swift and adaptable data-driven business model, its fully-fledged product offering, and its extraordinary talent.”
Record Growth Across All Platforms
Beltone’s Non-Banking Financial Institutions (NBFIs) platform was a standout performer, with operating revenue surging 757 percent year-on-year to EGP 3.9 billion. The platform’s portfolio expanded to exceed EGP 18.7 billion, fueled by the group’s strategic focus on product diversification, including leasing, factoring, consumer finance, microfinance, mortgage solutions, and the newly introduced SME financing services.
Meanwhile, Beltone Venture Capital demonstrated significant progress, executing six equity and follow-up investments during the nine-month period and growing its managed portfolio to more than EGP 1.5 billion. On the direct investment front, Beltone Capital contributed EGP 213.4 million in operating revenues.
Beltone’s investment banking arm also reported robust growth, with operating revenue climbing 282 percent year-on-year to EGP 852 million in the first ninth months of 2024. This success was driven by an expansion in brokerage operations, increased demand for alternative advisory solutions, and higher asset management performance fees. The investment bank’s portfolio reached EGP 3.5 billion, representing a 465 percent increase compared to the same period last year.
What is Beltone Holding
Khorshid’s leadership since joining Beltone Holding in 2022 has driven impressive growth for Beltone Holding. Khorshid was recognized by Forbes Middle East in August 2024 as one of the region’s top 100 CEOs.
Beltone Holding is a leading financial services provider with a multi-decade track record of success in the Middle East and North Africa region. Beltone Holding offers a comprehensive and growing set of financial solutions such as brokerage, investment banking, asset management, equity research, and private equity, in addition to end-to-end NBFIs including leasing, factoring, consumer finance, venture capital, mortgage finance, microfinance and small to medium enterprises.
Beltone Holding is driven by a vision to redefine the financial ecosystem in the region by capitalizing on global expertise, knowledge, and disruptive, value-accretive solutions that unlock limitless opportunities for clients, to drive market value and impactful results.
