A record-breaking 2024 for Beltone Holding: Our friends at Beltone Holding recorded EGP 1.7 bn in net income during 2024, a 4.6x y-o-y rise, according to the financial services provider’s earnings release (pdf). Beltone turned in a strong performance across both its non-bank financial institutions and investment banking platforms, with consolidated revenues up 4x y-o-y for the year at EGP 7.2 bn.

Driving the growth: Beltone’s NBFI platform reported a 6x y-o-y surge in operating revenues, hitting EGP 5.8 bn in 2024 thanks to “the strategic expansion of its product portfolio and strong performance across leasing and factoring, consumer finance, microfinance, mortgage finance, direct investments, and venture capital” as well as the launch of its SME finance unit. Its investment bank platform reported a 2.4x y-o-y increase in revenues to EGP 1.3 bn, on the back of expanded brokerage operations and a 1.3x increase in its margin lending portfolio, as well as a broader range of equity, debt, and greenfield financial advisory services.

What they said: “Beltone’s record-breaking performance in 2024 reflects our strategic vision, data-driven approach, and operational efficiency. Our ability to capitalize on digitally scalable opportunities with strong growth potential has strengthened our market leadership. With a focus on innovation, digitalization, and client-centric solutions, we continue to differentiate ourselves, ensuring sustainable growth and long-term value creation,” Group CEO and Managing Director Dalia Khorshid said.

Geographical expansion in the cards? “As we move forward, we remain committed to accelerating our digital transformation and strategic expansion into high-growth regional markets, solidifying Beltone’s position as a leading financial powerhouse,” she continued.

ALSO- Beltone’s assembly approves big capital increase: Beltone Holding shareholders have approved a proposal to raise the company’s capital by EGP 10.75 bn to EGP 21.7 bn, according to an EGX disclosure (pdf). The new capital will be raised by offering around 5.4 bn shares at EGP 2 a piece to existing shareholders, who will be able to double their shares according to their capital contribution. If shares are not fully covered, the subscription will be reopened.

Remember: This marks Beltone’s large massive capital increase in as many years. The firm saw strong market demand for a its EGP 10 bn capital increase in 2023. This came shortly after Abu Dhabi-based investment company Chimera Investments acquired 56% of the company In 2022 and bringing in CEO Dalia Khorshid to rebuild the institution, set a new strategy, and staff it with a new executive team.

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