{"id":616929,"date":"2024-03-13T00:00:00","date_gmt":"2024-03-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/13\/beltone-turns-profitable-in-2023\/"},"modified":"2024-03-13T00:00:00","modified_gmt":"2024-03-13T00:00:00","slug":"beltone-turns-profitable-in-2023","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/13\/beltone-turns-profitable-in-2023\/","title":{"rendered":"Beltone turns profitable in 2023"},"content":{"rendered":"

Beltone Holding turned profitable in 2023 <\/strong>after years of losses<\/strong>, recording EGP 369 mn in net income compared to a net loss of EGP 269 mn in 2022, the company said in its earnings release (<\/a>pdf<\/a>)<\/a>. Beltone turned in EGP 1.9 bn in operating revenue for 2023, up 411% y-o-y. <\/p>\n

NBFI, investment banking drove growth: <\/strong>The company\u2019s top-line performance was mainly led by a strong performance in its non-banking financial institutions arm, where operating revenues surged 989% y-o-y to EGP 986.8 mn driven by the \u201ctransformation and development\u201d of its NBFIs platform, the statement said. The investment bank unit saw its operating revenues more than double y-o-y to EGP 560 mn in 2023 driven by \u201cstrong brokerage operations on the back of a successfully augmented margin lending portfolio of EGP 1.2 bn,\u201d the statement added.<\/p>\n

Pouring funds back into the business:<\/strong> Beltone\u2019s operating expenses rose 150% y-o-y to EGP 849.3 mn over 2023, as the company put focus on strategic hirings, deployment of new systems and other operating costs dictated by the company\u2019s growth and transformation strategy, the statement said.<\/p>\n

Why this matters:<\/strong> It is the first full-year earnings release Beltone has issued since CEO Dalia Khorshid was brought in post-acquisition<\/a> by the UAE\u2019s Chimera Capital to turn the business around after the company had struggled with profitability and strategy for several years. The turnaround has included a full new management team, a full book of new policies and procedures, a record rights issue to recapitalize the business, and its transformation into a data-driven organization.<\/p>\n

BACKGROUND- <\/strong>Abu Dhabi-based investment firm Chimera acquired a majority stake in Beltone in October 2022. It overhauled the company\u2019s team of senior executives and embarked on a company-wide restructuring following Chimera\u2019s appointment of Khorshid as the group\u2019s CEO. Beltone closed a huge EGP 10 bn capital increase<\/a> in July.<\/p>\n","protected":false},"excerpt":{"rendered":"

Beltone\u2019s net income and revenues soared in 2023 after years of losses<\/p>\n","protected":false},"author":1,"featured_media":616930,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7208],"tags":[812,409,72,503,595],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-616929","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-beltone-financial","tag-earnings-watch","tag-enterpriseam","tag-financial-services","tag-non-banking-financial-services","wpautop","entry"],"acf":{"mongo_id":"144ac888-326d-49ec-b9f7-1598214cbdcd","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/866.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Beltone turns profitable in 2023","related_issue":[616916],"teaser":"Beltone\u2019s net income and revenues soared in 2023 after years of losses","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.3eb3cb8b-402f-4c2b-be98-ed381152debb.mp3"},"yoast_head":"\nBeltone turns profitable in 2023 - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/13\/beltone-turns-profitable-in-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Beltone turns profitable in 2023\" \/>\n<meta property=\"og:description\" content=\"Beltone\u2019s net income and revenues soared in 2023 after years of losses\" \/>\n<meta property=\"og:url\" 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Revenues for the quarter increased 50% y-o-y, reaching EGP 2.1 bn, while gross contracted sales surged 174% to EGP 2.2 bn from 393 units sold. Residential sales recorded EGP\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":548892,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/25\/beltone-financial-turns-a-loss-in-2q-2022\/","url_meta":{"origin":616929,"position":5},"title":"Beltone Financial turns a loss in 2Q 2022","author":"enterpriseam admin","date":"25 August 2022","format":false,"excerpt":"Beltone Financial returned to the red in 2Q 2022, recording EGP 109.4 mn in net losses after making a EGP 4.7 mn profit in the same period last year, according to its consolidated financials (pdf). 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