Beltone Holding, the Egypt-based pan-African financial services group led by Egyptian executive Dalia Khorshid, reported a 50 percent drop in first-half profit after tax to EGP647.761 million ($12.9 million), from EGP1.304 billion ($26.02 million) a year earlier.

The decline in profit came despite a sharp increase in revenue. Beltone reported consolidated revenue of EGP14.2 billion ($283.4 million) for the first six months of 2026, up 125 percent from a year earlier. Net operating profit also rose 16 percent to EGP2.1 billion ($41.9 million).

The company’s lending business was a major contributor to the increase in revenue, with its gross lending portfolio rising 188 percent year over year to EGP99.7 billion ($2 billion). The increase reflected higher lending across Beltone’s businesses and the expansion of financing products for customers.

Beltone businesses post higher lending portfolios

Baobab, Beltone’s lending business in several African markets, accounted for EGP56.7 billion ($1.13 billion) of the portfolio. In Egypt, the outstanding lending portfolio rose 24 percent to EGP43 billion ($858.1 million). Total deposits across Baobab’s countries of operation reached EGP36.4 billion ($726.4 million).

Other businesses also reported higher portfolios during the period. Beltone Leasing and Factoring’s outstanding portfolio increased 5 percent to EGP15.3 billion ($305.3 million), while Beltone Mortgage grew 42 percent to EGP10.4 billion ($207.5 million).

Seven, Beltone’s consumer finance business, increased its outstanding portfolio by 46 percent to EGP6.6 billion ($131.7 million). The company attributed the increase to the expansion of its digital and commercial operations, including improvements to its mobile platform, customer communications and marketing campaigns.

Beltone Asset Management AUM surges in first half

Beltone SMEs increased its outstanding portfolio 44 percent to EGP2.1 billion ($41.9 million), while Cash for Microfinance grew 45 percent to EGP2 billion ($39.9 million). The group’s asset management business also posted strong growth.

Beltone Asset Management, which the company describes as Egypt’s largest non-bank-affiliated asset manager, reported assets under management of EGP55.7 billion ($1.11 billion), more than double the level a year earlier.

Beltone also increased its position in Egypt’s securities brokerage market. Its market share reached 5.1 percent at the end of the first half, up from 4.3 percent a year earlier. The results show a business that expanded lending, deposits and fee-generating operations sharply in the first half, even as profit declined from a year earlier.