Beltone Financial has announced in its business results report for the first half (H1) of 2017 that it managed to achieve operating revenues worth EGP 326.2m, compared to just EGP 55.6m in H1 2016, with nearly a six-fold increase year-on-year (y-o-y).
“I believe in the strength of the company’s plan, which we have adopted for a year and a half now. I am confident that the strong growth witnessed by the company in the first half of 2017 is only a start, as our team continues to achieve the ambitious plans for growth. We seek to be the top company in Egypt soon,” said Bassem Azab, the managing director of Beltone Financial.
Beltone’s report explained that the brokerage sector was the main contributor to the growth in operating revenues, supported by the acquisition of Auerbach Grayson, the American brokerage company located in New York City, in February 2017, which strongly supported the total revenues from brokerage. Auerbach Grayson is specialised in selling foreign securities to clients from American institutions.
The brokerage sector in Beltone Financial achieved EGP 291.2m in H1 2017, a 12-fold increase compared to the amount achieved in H1 2016 worth EGP 23.5m. It is worth mentioning that Beltone Financial is among the five largest brokerage companies in Egypt, supported by the noticeable improvement in trade operations of individuals.
The asset management sector in Beltone has been able to achieve about EGP 25.8bn by the end of H1 2017, with a 46% increase. The company has been able to implement several new deals in all classes of assets. It also offered new products and sought to meet the requirements of new clients in the markets of North Africa and the Middle East (MENA) and international markets, all of which contributed to the aforementioned increase.
Regarding the promotion and IPO coverage sector, Beltone’s revenues increased by 55% on an annual basis, recording EGP 20m. In Q1 2017, Beltone promotion and IPO coverage was chosen to take on the tasks of the financial adviser of the selling party in a major international deal.
The amount of salary expenses reached EGP 43.1m and other operation expenses reached EGP 22m during H1 2017.