Cairo – Mubasher: Beltone Financial Holding incurred net losses after tax valued at EGP 145.89 million in the first half (H1) of 2023, marking a year-on-year (YoY) surge from EGP 105.58 million.

Total revenues amounted to EGP 292.58 million in the January-June 2023 period, up from EGP 110.39 million in H1-22, according to the income statements.

Loss per share hit EGP 0.31 in H1-23, compared to EGP 0.23 during the same period a year earlier.

Meanwhile, the total assets reached EGP 4.09 billion as of 30 June 2023, higher than EGP 3.37 billion as of 31 December 2022.

Standalone Business

The EGX-listed firm suffered standalone net losses after tax valued at EGP 168.86 million in the first six months (6M) of 2023, an annual jump from EGP 37.41 million.

Non-consolidated revenues widened to EGP 42.74 million in the January-June 2023 period from EGP 34.43 million a year earlier, while the basic loss per share increased to EGP 0.36 from EGP 0.08.

Financial Results for Q2-23

In the second quarter (Q2) of 2023, the net losses after tax of Beltone stood at EGP 93.85 million, an annual drop from EGP 109.42 million.

Total revenues widened to EGP 155.82 million during April-June 2023 from EGP 3.13 million in the year-ago period, while the loss per share retreated to 0.20 from EGP 0.24.

As for the standalone business, the net losses enlarged to EGP 97.49 million in Q2-23 from EGP 18.48 million in Q2-22, while the revenues plummeted to EGP 4.31 million from EGP 17.51 million. 

In the January-March 2023 period, the EGX-listed firm shifted to consolidated net losses after tax valued at EGP 52.03 million, versus net profits of EGP 3.83 million a year earlier.