Cairo –  Beltone Financial Holding turned to consolidated net losses of EGP 139.88 million in the first nine months of 2022, against consolidated net profits of EGP 10.45 million in the same period in 2021, including minority shareholders’ rights.

Basic loss per share amounted to EGP 0.31 in the January-September 2022 period, versus a profit per share of EGP 0.027 in the prior-year period, according to a bourse filing.

The company's operating revenues reached EGP 257.66 million in the nine-month period ended 30 September 2022, down from EGP 264.12 million in the corresponding period a year earlier.

As for standalone business, Beltone incurred net losses of EGP 66.49 million during 9M-22, a hike from EGP 49.07 million in 9M-21.

In a separate statement, the company said its board unanimously agreed to submit a proposal to the extraordinary general meeting (EGM) regarding increasing the company’s authorised capital to EGP 11 billion from EGP 1 billion as well as increasing the company’s issued capital to EGP 10.92 billion from EGP 926.95 million.

It is worth noting that during the first half (H1) of 2022, Beltone shifted to net losses after taxes of EGP 105.58 million, against net profits of EGP 8.54 million in H1-21.

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