Beltone Holding, one of Egypt’s fastest-growing financial institutions, has announced exceptional financial results for the first half of 2024. The company achieved an 818% year-on-year increase in operating revenue, reaching EGP 2.9 billion, alongside a net profit after tax and minority interest of EGP 817 million. This represents a significant turnaround from the EGP 146 million loss reported in the same period in 2023.

Beltone’s growth was driven by robust performances across both its Investment Bank and Non-Banking Financial Institutions (NBFIs) divisions, which together expanded the net operating profit margin to 64%. During the second quarter of 2024, the company saw an 822% year-on-year increase in operating revenue, reaching EGP 1.6 billion, with a net operating profit of EGP 1 billion and an operating profit margin of 62%.

“This growth reflects not only our financial success but also the strategic initiatives we’ve undertaken, such as expanding into high-impact areas like mortgage and venture capital,” said Dalia Khorshid, CEO of Beltone Holding. “The transformation we’ve led goes beyond the numbers; it’s about reinforcing our position as a market leader and establishing a new benchmark in the financial services sector.”

Beltone’s strategic expansion efforts have been particularly notable in the NBFIs segment, which saw operating revenue soar to EGP 2.4 billion in the first half of 2024—a 13-fold increase year-on-year. The NBFI portfolio grew sevenfold, reaching EGP 15.2 billion by the end of the period. Key contributors to this growth included the leasing and factoring, and consumer finance business lines, which expanded sixfold and fivefold, respectively. The mortgage finance business also achieved a portfolio of EGP 3.3 billion, capturing a 22.3% market share.

Beltone Mortgage’s rapid rise in the market has been highlighted as a significant achievement, setting new benchmarks in home financing. The company’s market share in the mortgage sector has reached an impressive 22.25%, further solidifying its leadership position.

Furthermore, Beltone’s commitment to empowering small and medium enterprises (SMEs) has been reinforced by the recent approval of its SME finance license by the Financial Regulatory Authority. This move underscores the company’s dedication to supporting SMEs, which are crucial to Egypt’s economic growth. The new license allows Beltone to broaden its financial services offerings, further enhancing its role in developing the SME sector.

The company’s investment banking division also delivered strong results, with operating revenue rising by 327% year-on-year to EGP 471 million, accounting for 16% of Beltone’s consolidated revenue. Beltone maintained its position as Egypt’s largest non-bank affiliated asset manager, with assets under management increasing to EGP 27.7 billion from EGP 21.5 billion in the same period last year.

In the venture capital space, Beltone Venture Capital executed three new equity investments in BirdNest, Sylndr, and Trella, alongside two follow-up rounds for Way-Up Sports and Ariika, all completed in the first half of 2024. The company also successfully closed a venture debt transaction with Sylndr, with the venture debt outstanding portfolio standing at EGP 109 million as of the end of H1 2024.

“In the first half of the year, Beltone Holding has taken remarkable strides in expanding our operational footprint,” Khorshid added. “The Financial Regulatory Authority’s recent approval of our SME finance license is a testament to our deep commitment to empowering small and medium enterprises, which are the backbone of our economy. Our partnership with CI Venture Capital to manage a USD 30 million fund is another chapter in our journey to support the most promising startups across diverse sectors.”

Beltone’s strategic initiatives and strong financial performance in H1 2024 reflect the company’s ongoing transformation and commitment to reinforcing its position as a leading player in the financial services sector in Egypt and the broader MENA region.