Beltone Holding (“Beltone” or the “Company”), one of the fastest growing financial institutions, announces its consolidated financial and operational results for the period ending December 31, 2023.
Beltone’s turnaround and restructuring strategy implemented during FY2023 drove soaring consolidated top line growth, as Operating Revenue rose 411% YoY to reach EGP1.9 billion. The remarkable growth was driven by the development and expansion of the Non-Banking Financial Institutions (“NBFIs”) platform in addition to the strong performance of the Investment Bank, complemented by Other Ventures. EBITDA recorded EGP637 million in FY2023 compared to a negative EBITDA of EGP61 million during the comparative period. Net Profit recorded EGP369 million compared to a Net Loss of EGP269 million during FY2022, a strong testament to the robust turnaround strategy after years of losses.
The Investment Bank’s improved performance contributed to the Group’s transformational results, as Operating Revenue rose 117% YoY to EGP560 million, mainly driven by strong Brokerage operations on the back of a successfully augmented Margin Lending Portfolio of EGP1.2 billion, 4x higher than the previous year. Assets Under Management grew 36% YoY to EGP27 billion, up from EGP19.9 billion in FY2022 driving increased management fees. The Investment Banking division secured several new mandates with diversified scopes during the year, that included capital raising and M&A advisory, bringing the total executed deals since inception to EGP122 billion across local and regional markets.
The NBFIs platform achieved impressive performance in FY2023, as Operating Revenue soared 989% YoY to EGP987 million, driven by the robust transformation and development of the platform that led to growing its Outstanding Portfolio by 14.2x to the EGP10 billion mark, up from EGP702 million during the previous year. Leasing and Consumer Finance business lines were main contributors to this record growth, as their Outstanding Portfolios rose 11.2x and 24.0x, to EGP6.9 billion and EGP2.1 billion respectively. The newly established Mortgage Finance business line’s Outstanding Portfolio recorded EGP764 million, achieved in only few weeks from operations’ commencement in December 2023. The Outstanding Portfolio of Cash for Microfinance grew 63% YoY to EGP170 million. Beltone Capital, the private equity arm of Beltone, launched “NEPIT”, its agribusiness platform through acquiring its first portfolio company, National Seeds and Beltone Venture Capital laid its investment foundation through multiple investments in high prospect businesses that includes SehaTech, WayUp Sports, Bosta, Ariika and Lychee. The newly established Beltone SME’s received initial regulatory approval for its license during 1Q2024.
