In its consolidated financial and operational results for the period ending 31 March 2024, Beltone Holding continued to benefit from its turnaround and growth strategy. The company achieved remarkable top-line growth, with operating revenue soaring by 812% YoY to reach EGP 1.33bn during 1Q2024. This impressive performance was driven by the expansion of the Non-Banking Financial Institutions (NBFIs) platform and the exceptional results from the Investment Bank. * Investment Bank Performance: o Operating revenue increased by 355% YoY to EGP 236m. This growth was primarily fueled by robust Brokerage operations, supported by higher commissions. Additionally, the Margin Lending Portfolio expanded significantly to EGP 1.24bn, representing a remarkable 675% YoY increase. o Assets under management rose by 56% YoY to EGP 29.4bn, compared to EGP 18.8bn in 1Q2023, leading to increased management fees. o The investment banking division expanded its 2024 pipeline across various sectors, offering comprehensive services in M&A, equity capital markets (ECM), and debt capital markets (DCM). It also provides financial and Export Credit Agency (ECA) advisory services, along with an opportunistic-based credit fund introduced during 2H2023. * NBFIs Platform Growth: o The NBFIs platform achieved remarkable results during 1Q2024, with Operating Revenue soaring by 1,297% YoY to EGP 1.04bn. o The outstanding portfolio grew by 891% YoY to EGP 13.1bn, up from EGP 1.3bn during the same period last year. o Notably, leasing & factoring and consumer finance business lines were the main contributors to this growth. Outstanding Portfolios in these areas rose significantly (7x and 11x, respectively) to EGP 7.9bn and EGP 2.8bn. o The mortgage finance outstanding portfolio recorded EGP 2.1bn, capturing a 24% market share during 1Q2024. Additionally, the Outstanding Portfolio of Cash for Microfinance more than doubled to EGP 284m compared to 1Q2023's EGP 128m. * Beltone Venture Capital (BVC): o BVC made two new equity investments during 1Q2024, backing BirdNest and Sylndr. Additionally, BVC participated in a follow-up round for Way Up Sports. o Furthermore, BVC concluded a debt transaction with Sylndr. o The newly established Beltone SME received initial regulatory approval for its license during 1Q2024.
