Beltone Holding turns to profitability in Q1-24

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Cairo – Beltone Holding shifted to a consolidated net profit of EGP 548.20 million in the first quarter (Q1) of 2024, versus a net loss of EGP 52.03 million in Q1-23.

Consolidated total revenues soared to EGP 1.36 billion in Q1-24 from EGP 150.83 million in Q1-23, according to the interim financial results.

Total assets leapt to EGP 21.31 billion in the three-month period that ended on 31 March 2024 from EGP 18.24 billion in the corresponding period a year earlier.

Standalone Results

Beltone Holding swung to a standalone net profit of EGP 263.89 million in the January-March period, against a net loss of EGP 71.37 million in the equivalent quarter the year before.

Total revenue surged to EGP 344.88 million in Q1-24 from EGP 38.42 million in Q1-23.

The company reported basic earnings per share (EPS) of EGP 0.10 in Q1-24, compared to a net loss of EGP 0.15 in Q1-23.

In 2023, Beltone Holding’s consolidated net operating profit ballooned 3,597% YoY to EGP 1.02 billion from EGP 27.80 million.