ICEC

Beltone record $656.8mn in pre-acquisition net profit

Egypt’s Beltone Financial Holding has registered a net profit worth 5.143 million Egyptian pounds (US$656.8 million) during the first 11 months of 2015 ended on November 19, before being acquired by the country’s tycoon Naguib Sawiris.

Last November, shareholders in Beltone Financial (BTFH.CA) agreed to sell 97.3 percent of shares in the financial services company to Sawiris’ Orascom Telecom Media and Technology and investment bank Act Financial.

In late financial year 2014, the company posted net profit worth 15.3 million pounds.

Total revenues reached 49.855 million pounds, compared to 53.9 million pounds last financial year 2014.

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