Dalia Khorshid drives Beltone to $56 million revenue in Q1 2025

Key Points

• Beltone’s consolidated revenue soared 111% year-on-year in Q1 2025 to $56.01 million, with NBFIs contributing 80% through strong mortgage and leasing growth.
• Investment Bank revenue more than doubled to EGP531 million ($10.54 million), fueled by a 566.31 percent surge in debt advisory and capital markets activity.
• The firm’s recent capital raise and Baobab acquisition signal continued regional expansion and scale across scalable, high-growth African markets.

Egyptian business executive Dalia Khorshid led Beltone Holding to stellar first-quarter results that reinforced its position in the country’s dynamic non-banking financial and investment landscape. Beltone Holding, one of Egypt’s fastest-growing financial institutions, has kicked off 2025 by building on the previous year’s success.

In the first quarter of 2025, the Cairo-based firm more than doubled its consolidated operating revenue, driven by strong growth across its Non-Banking Financial Institutions (NBFIs) and Investment Bank platforms. Net profit after tax and minority interest also surged, underscoring the company’s sustained profitability momentum.

Beltone’s Q1 profit surges

According to its latest release, Beltone Holding kicked off 2025 with a 111.33 percent year-on-year jump in consolidated revenue, up from EGP1.34 billion ($26.5 million) to EGP2.8 billion ($56.01 million), fueled by robust growth across its Non-Banking Financial Institutions (NBFIs) and Investment Bank platforms. Net profit after tax and minority interest surged 37.04 percent to EGP703 million ($13.95 million) in the first quarter.

The NBFI platform remained Beltone’s primary growth engine, contributing 80 percent of total revenue with EGP2.25 billion ($44.68 million)—up 115.91 percent year-on-year—driven by strong performance in mortgage finance and leasing. Its mortgage portfolio alone tripled to EGP6.1 billion ($121.05 million), while leasing and factoring hit EGP11.5 billion.

Meanwhile, Investment Bank revenue climbed 119.96 percent to EGP531 million ($10.54 million), supported by a 566.31 percent surge in debt advisory and capital markets activity. 

Reflecting on the company’s strong start, Khorshid said: “Beltone’s first-quarter performance highlights the strength of our data-driven strategy and diversified business model. With continued momentum across core verticals and the successful completion of a landmark capital increase, we are well-positioned to scale our presence in high-growth markets and drive innovation through AI and digital transformation.”

Beltone’s AUM surge to $228.22 million

Founded in 2002, Beltone Holding is a leading financial services provider in the MENA region, with shares listed on the Egyptian Exchange. Its subsidiary, Beltone Leasing and Factoring, launched in 2022, has quickly risen to become one of Egypt’s top three financing companies.

Under Khorshid’s leadership, Beltone has broadened its offerings beyond brokerage and investment banking to include asset management and a wide range of non-banking financial services such as private equity, leasing, factoring, consumer finance, venture capital, mortgage finance, and microfinance. Beltone also launched five new funds, boosting its asset management business to EGP24.5 billion ($228.22 million) in Assets under management (AUM).

In a move to deepen its regional footprint, Beltone Capital signed a deal to acquire a majority stake in Baobab, a financial services firm operating across seven African markets with over 500,000 clients. The quarter’s performance follows Beltone’s EGP10.5 billion ($208.38 million) capital raise in April, which saw 98 percent subscription coverage, lifting its paid-in capital to EGP21.4 billion ($424.68 million).