Cairo – Mubasher: Beltone Holding swung to consolidated net profits valued at EGP 888.78 million in the first half (H1) of 2024, against net losses of EGP 145.89 million in H1-23.
Net sales enlarged to EGP 2.94 billion in January-June 2024 from EGP 311.70 million a year earlier, according to the financial statements.
Total assets climbed to EGP 25.37 billion as of 30 June 2024 from EGP 18.24 billion at the end of December 2023.
Non-consolidated Results
Beltone turned profitable at EGP 530.80 million in H1-24, versus standalone net losses of EGP 168.86 million in H1-23. Earnings per share (EPS) hit EGP 0.10 when compared to a loss per share of EGP 0.36.
The total revenues hiked year-on-year (YoY) to EGP 909.08 million in H1-24 from EGP 42.74 million.
Financials for Q2
In the second quarter (Q2) of 2024, the EGX-listed firm shifted to consolidated net profits valued at EGP 340.58 million, compared to losses worth EGP 93.85 million in Q2-23. Meanwhile, the revenues climbed by 822% to EGP 1.58 billion from EGP 160.86 million.
Dalia Khorshid, CEO of Beltone, commented: “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.”
“Beltone Mortgage’s rapid ascent to a leading market position, securing over 22% of the market share, addresses the growing local demand for real estate finance as Egypt’s fastest mortgage provider,” Khorshid added.
She noted: “The launch of our $100 million private credit platform through Beltone Investment Holding is a strategic move to bolster Egyptian exporters, ensuring they have the financial resources needed to thrive in a competitive global market."
