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Beltone Holding reported that its newly acquired subsidiary, Baobab Group, became its largest business line within three months of acquisition. The Egypt-based financial services firm completed the $227.13 million (€197.6 million) deal in February 2026.
In the first quarter of 2026, Baobab contributed 53% of Beltone’s total operating revenue of EGP6.8 billion ($136.68 million). This made it the single biggest contributor among all of the group’s business segments.
The group’s gross lending portfolio rose by 236% year-on-year to EGP101.1 billion ($2.03 billion). Baobab accounted for EGP60.9 billion ($1.22 billion) of this total, meaning a majority of the group’s lending activity originated from the acquired entity.
The acquisition reflects Beltone’s strategy to expand beyond Egypt through cross-border growth. Instead of entering new markets individually, the company opted to acquire Baobab, which operates across seven African countries.
Baobab also strengthened Beltone’s balance sheet by adding EGP37.3 billion ($749.75 million) in deposits. Nigeria remained a key market, where Baobab operates 38 branches across 15 states and the federal capital territory. The Nigerian unit contributed EGP3.3 billion ($66.33 million) to the group’s portfolio and held an equal amount in deposits.
Outside the Baobab business, Beltone’s asset management arm continued to expand. Beltone Asset Management retained its position as Egypt’s largest non-bank-affiliated asset manager, with assets under management reaching EGP49.0 billion ($984.95 million) in the first quarter.
At the group level, net operating profit rose to EGP1.3 billion ($26.13 million) in Q1 2026. However, profit after tax and minority interest declined by 1% to EGP695 million ($13.97 million), reflecting higher costs.
The company attributed the profit pressure to one-off expenses linked to expansion activities, strategic initiatives, and platform scaling. It also reported increased selling, general and administrative expenses due to Baobab’s integration and continued investments in talent, infrastructure, and technology.
