Cairo – Mubasher: Beltone Holding registered higher consolidated net profits after tax at EGP 1.20 billion in the first nine months (9M) of 2024, compared to EGP 85.77 million in 9M-23.
Total revenues hit EGP 4.87 billion as of 30 September 2024, up 405% year-on-year (YoY) from EGP 949.82 million, according to the interim consolidated financial results.
Standalone Results
Beltone achieved standalone net profits valued at EGP 650.17 million in January-September 2024, an annual rise from EGP 301.84 million. Revenues soared to EGP 1.25 billion from EGP 659.46 million.
Non-consolidated basic earnings per share (EPS) declined to EGP 0.12 in 9M-24 from EGP 0.17 in 9M-23.
Financials for Q3-24
During the third quarter (Q3) of 2024, Beltone generated EGP 316.79 million in consolidated net profit, higher than EGP 231.67 million in Q3-23. Meanwhile, the revenues increased to EGP 1.92 billion from EGP 638.12 million.
As for the standalone results, the net profits plunged to EGP 119.37 million in Q3-24 from EGP 470.71 million a year earlier, while the EPS hiked to EGP 0.30 from EGP 0.11.
Dalia Khorshid, Group CEO and Managing Director of Beltone, commented: “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 generating growth while delivering sustainable profitability.”
“Beltone's NBFIs platform witnessed extraordinary growth across all subsidiaries, with operating revenue rising 757% YoY to reach EGP3.9 billion in 9M-24,” Khorshid added.
She indicated: “The platform’s outstanding portfolio exceeded EGP 18.70 billion due to increased business activity and the expansion of its product portfolio that includes, leasing, factoring, consumer, micro, mortgage, and the newly-launched SME financing.”
“Beltone Venture Capital executed six equity and follow-up investments in 9M-24, and successfully increased its managed portfolio to more than EGP 1.50 billion. While on the direct investment front, Beltone Capital reported EGP213.40 million in operating revenues,” the CEO revealed.
As of 30 June 2024, the consolidated net profits hit EGP 888.78 million, while the standalone profits reached EGP 530.80 million.
