{"id":620793,"date":"2024-05-27T00:00:00","date_gmt":"2024-05-27T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/27\/beltone-holding-continues-its-sharp-growth-path-in-1q\/"},"modified":"2024-05-27T00:00:00","modified_gmt":"2024-05-27T00:00:00","slug":"beltone-holding-continues-its-sharp-growth-path-in-1q","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/27\/beltone-holding-continues-its-sharp-growth-path-in-1q\/","title":{"rendered":"Beltone Holding continues its sharp growth path in 1Q"},"content":{"rendered":"

Beltone Holding continued its <\/strong>profitable streak<\/a><\/strong> in 1Q 2024<\/strong>, recording net income of EGP 514 mn compared to a net loss of EGP 52 mn in 1Q 2023, which the company attributed to the \u201cgrowth driven by the restructuring and turnaround strategy,\u201d in its latest earnings release (<\/a>pdf<\/a>)<\/a> and accompanying press release (pdf)<\/a>. Beltone brought in EGP 1.33 bn in operating revenue over the same quarter, up 812% y-o-y. <\/p>\n

NBFI, investment bank drove the topline: <\/strong>Beltone\u2019s non-banking financial institution arm saw \u201cremarkable growth, capturing impressive market shares across the platform,\u201d the statement said. The platform\u2019s operating revenues surged 1,297% y-o-y to EGP 1.04 bn, due to strong portfolio growth from the leasing and factoring, consumer finance, microfinance and mortgage finance business lines. The company\u2019s investment bank unit saw its operating revenues rise 355% y-o-y to EGP 236 mn as brokerage operations rose \u201con the back of higher commissions as well as successfully augmenting margin lending portfolio to EGP 1.24 bn,\u201d the statement added.<\/p>\n

Investing in itself: <\/strong>The company\u2019s operating expenses more than tripled in the quarter to EGP 463 mn. Some EGP 113 mn of the operating expenses went to the investment bank \u201cdue to the restructuring costs including new systems and strategic hires entailed by the company\u2019s growth strategy,\u201d the statement said.<\/p>\n

Why this matters:<\/strong> Last year was a turning point for Beltone after Abu Dhabi-based investment firm Chimera acquired a majority stake in the company in October 2022 and brought in CEO Dalia Khorshid. The turnaround<\/a> 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","protected":false},"excerpt":{"rendered":"

Beltone brought in EGP 1.33 bn in operating revenue over the quarter<\/p>\n","protected":false},"author":1,"featured_media":620794,"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":[7112,409,72,503,595],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-620793","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-beltone-holding","tag-earnings-watch","tag-enterpriseam","tag-financial-services","tag-non-banking-financial-services","wpautop","entry"],"acf":{"mongo_id":"706067a8-4785-4166-8df7-6815432e2c3a","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/5\/1854.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Beltone Holding continues its sharp growth path in 1Q","related_issue":[620786],"teaser":"Beltone brought in EGP 1.33 bn in operating revenue over the quarter","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.26ece087-2b76-4429-ac12-73019ecdb8ce.mp3"},"yoast_head":"\nBeltone Holding continues its sharp growth path in 1Q - 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\/05\/27\/beltone-holding-continues-its-sharp-growth-path-in-1q\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Beltone Holding continues its sharp growth path in 1Q\" \/>\n<meta property=\"og:description\" content=\"Beltone brought in EGP 1.33 bn in operating revenue over the quarter\" \/>\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. 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