Beltone lands another leasing and factoring agreement: Beltone Holding subsidiary Beltone Leasing and Factoring has inked an EGP 400 mn leasing and factoring agreement with MadkourGroup, Beltone announced today in a press release.

The details: The agreement includes EGP 100 mn in factoring to support Madkour Group’s working capital needs and roughly EGP 300 mn in a sale and leaseback agreement for the group’s administrative assets in the Zizinia project in New Cairo. The company plans to use the funds “to pursue new growth plans in various markets,” according to the statement.

Beltone Leasing and Factoring has been on a roll of late: Ever since Beltone Leasing rebranded as Beltone Leasing and Factoring after adding factoring to its lines of business in September of last year, the company has finalized several agreements, including with Kandil Glass, Redcon Properties, TBS’ Damfi and Il Cazar.

And its success is reflected in its parent company’s financials: Operating revenue from Beltone Holiding’s NBFIs segment grew nearly 13x y-o-y to EGP 2.4 bn during 1H 2024, contributing 81.3% of total operating revenues. Leasing and factoring was a key driver of this growth, with its portfolio growing sixfold y-o-y.

What they said: “This agreement underscores our strategic approach to delivering customized financial solutions that empower companies across diverse sectors to drive their expansion plans,” Beltone Leasing and Factoring CEO Amir Ghannam said in the press release. “By fostering sustainable economic growth and creating job opportunities, it strengthens our leadership position in the leasing and factoring market.”

Tags: