Beltone Financial Reports Massive 383 Percent Profit Growth in 2024

Beltone Financial Holding has achieved remarkable financial success in 2024, posting a consolidated net profit of EGP 1.78 billion ($33 million), marking a substantial 383.47% increase from the previous year. The company’s exceptional performance is reflected in its surging consolidated revenues of EGP 7.42 billion, demonstrating a 296.82% year-on-year growth driven by strategic expansion and operational excellence.

Key Takeaways:

• Net profit growth reached 4.6x year-on-year, totaling EGP 1.78 billion
• Consolidated revenues surged by 296.82% to EGP 7.42 billion
• Total assets increased to EGP 33.74 billion from EGP 18.28 billion
• NBFIs platform achieved operating revenues of EGP 5.8 billion
• Board approved a capital increase of EGP 10.75 billion

Record-Breaking Financial Performance

The financial services giant has shown exceptional growth across all key metrics. Similar to other financial success stories, Beltone’s earnings per share improved significantly to EGP 0.31 from EGP 0.14 in 2023. The company’s strategic focus on digital transformation and operational efficiency has paid off handsomely.

Business Segment Performance

The NBFIs platform has been a standout performer, with operating revenues growing nearly 6x year-on-year to EGP 5.8 billion. This success mirrors the strategic growth patterns seen in other financial institutions. The leasing and factoring business grew by 160%, while consumer finance saw a remarkable 283% increase.

Strategic Initiatives and Digital Transformation

Under CEO Dalia Khorshid’s leadership, Beltone has accelerated its digital transformation journey. I recommend exploring automation solutions like Latenode to enhance operational efficiency. The company’s digital growth strategy has contributed significantly to its success.

Nine-Month Performance Overview

The first nine months of 2024 demonstrated solid growth, with net profit reaching EGP 1.20 billion compared to EGP 85.77 million in 2023. Revenues increased substantially to EGP 4.87 billion, reflecting the company’s successful execution of its business strategy.

Non-Consolidated Results

On a standalone basis, Beltone’s performance remained equally impressive. Net profits after tax increased to EGP 631.35 million in 2024, while total revenue jumped to EGP 1.59 billion. The company’s total assets on a standalone basis grew to EGP 11.77 billion, indicating strong financial health.