ICEC

Sawiris’ Beltone Financial says Q1 net profit jumps 132%

Egypt’s Beltone Financial, a unit of billionaire businessman Naguib Sawiris’s OTMT, reported a 132 percent jump in its net profit for the first quarter of the year, it said Monday.

Net profit for the first quarter of 2016 reached 13.288 million Egyptian pounds ($1.5 million), compared to 5.730 million pound for the same period last year.

Total revenues also surged to 49.328 million pounds, from 21.03 million pounds last year.

During the financial year ended on December 31, 2015, Beltone reported a 65 percent fall in profits.

Sawiris’ OTMT had bought in 2015 Beltone Financial, aiming to create one of Egypt’s largest investment firms.

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