Egypt’s Beltone Financial turns profitable on revenue gains in H1

Egyptian investment bank Beltone Financial Holding have turned profitable in the first half of the year, reporting on Wednesday a net profit of 8.54 million Egyptian pounds ($542,757) as surging revenues helped the group bounce back.

Last year, Beltone incurred first-half losses worth 20.52 million.

Total revenues for the second quarter, which ended in June 2021, rose to 193.82 million pounds, up from 130.8 million pounds in the same period last year.

Beltone posted a net profit of 3.803 million for the first quarter of 2021 versus losses worth 8.44 million incurred in the first quarter of 2020.