Cairo – Mubasher: Beltone Financial Holding turned to consolidated net losses after tax valued at EGP 52.03 million in the first quarter (Q1) of 2023.

The incurred net losses were compared with net profits amounting to EGP 3.83 million in Q1-22, according to the income statements.

Meanwhile, the total operating revenues hit EGP 145.90 million in the January-March 2023 period, up year-on-year (YoY) from EGP 99.26 million.

Loss per share stood at EGP 0.11 during Q1-23, against earnings per share (EPS) of EGP 0.01 in the year-ago period.

Standalone Financial Results

The company’s standalone net losses after tax reached EGP 71.37 million during the first three months (3M) of 2023, an annual hike from EGP 18.93 million.

Non-consolidated revenues surged to EGP 30.29 million in Q1-23 from EGP 10.65 million in Q1-22, while the loss per share increased to EGP 0.15 from EGP 0.04.

Last year, Beltone registered higher consolidated net losses after tax at EGP 268.97 million, compared to EGP 169.76 million in 2021.