MNT-Halan more than doubles q-o-q net income in its first results since listing

Newly listed MNT Tech Holding for Financial Investments, the local arm of fintech MNT-Halan, more than doubled its net income q-o-q to EGP 836 mn in 3Q 2026, according to its first earnings release (pdf) since debuting on the EGX on 20 October. Revenue climbed 15% q-o-q to EGP 5.4 bn, and annualized return on average equity rose 20 percentage points to 41.1%.

Most of the q-o-q jump came from offloading income, cheaper funding, and a one-off gain. Offloading income (the gains from selling loans through securitization, bilateral deals, and sukuk) rose 17% q-o-q to EGP 2.3 bn, and the company offloaded EGP 6.8 bn of receivables in principal at a 34.3% margin, up from 28.7% a year earlier. Cheaper funding helped too, with interest expense down 26% q-o-q. Then there’s the one-off EGP 279 mn gain from waiving an intercompany loan at a subsidiary outside Egypt. Strip that out and pre-tax net income still roughly doubled q-o-q, by our math.

Against last year, the numbers look weaker: Net income fell 31% y-o-y during the quarter, and revenue slipped 2%, as interest income shrank 40% and credit costs climbed 88%. Part of that is by design: the release says MNT now sells the shorter-term portion of each loan to the debt market and keeps only the final portion on its books. That shift, along with interest rate cuts since April 2025, pulled its on-book yield down to 30.3% in 9M 2026 from 47.7% in full-year 2025. The comparison base is also unusually high, since 3Q 2025 alone accounted for 62% of the company’s 9M 2025 net income.

Over nine months, the picture is steadier: Net income fell 11% y-o-y to EGP 1.75 bn in the first nine months of the year, even as revenue rose 11% to EGP 15.4 bn. That’s already 88% of the company’s full-year 2025 net income. The release notes that 2025 net income was unevenly spread, with a light fourth quarter.

Consumer finance is taking a bigger slice of the book: The gross loan book grew 14% y-o-y to EGP 48.1 bn, and consumer finance’s share rose to 29% from 23%, with that portfolio up 42% y-o-y. SME lending went the other way, slipping to 29% from 33% as the company pulled back from higher-risk lending, which dropped to 15% of disbursements in 3Q 2026 from 25% a year earlier. Microfinance held steady at 39%.

New businesses are coming online: The company launched a digital brokerage in 3Q, backed by its new FRA custodian license, along with a small-ticket factoring business for small enterprises. Outstanding customer investments rose 4.9x y-o-y to EGP 4.6 bn during the quarter, while brokerage execution value doubled y-o-y to EGP 6.7 bn.

What they said: “This places us in an exceptionally strong financial position within our sector, providing the capital and flexibility to accelerate our next phase of growth,” founder and CEO Mounir Nakhla said in the release, referring to the EGP 4 bn raised through the post-IPO capital hike.

REFRESHER- MNT-Halan’s parent, MNT Investments BV, sold 20% of the Egyptian arm in October in an IPO that raised some EGP 7.84 bn. Cornerstone investors CIB and London-based Redwheel took more than a third of the base offering. The institutional tranche was 11.2x oversubscribed, while the retail tranche drew 43.6x the shares on offer. The stock closed its first day of trading up 6.6% at EGP 26.12, defying regional market jitters sparked by the war.