Egyptian billionaire’s investment bank Beltone narrows six-month losses by 69.5%

Beltone Financial Holding, the Egyptian investment bank owned by billionaire Naguib Sawiris, reported on Sunday a 69.5 percent year-on-year drop in losses during the first six months of this year.

Losses recorded 20.52 million Egyptian pounds ($1.3 million), down from 67.43 million pounds during the first six months of 2019.

At the end of June, revenues increased to 130.29 million pounds against 109.8 million pounds during the same period of last year.

In November 2015, Sawiris bought Beltone for about 650 million pounds. It now has 13 subsidies specialising in investment, asset management, and securities.