MNT-Halan First Listed Results: Profit Doubled in a Quarter, Fell 31% on the Year
MNT-Halan first results as a listed company show net profit more than doubling quarter on quarter to EGP 836 million, even as profit fell 31% on the year. The gap is the price of a deliberate pivot away from risky SME lending toward consumer finance and wealth.
Egyptian fintech MNT-Halan has reported its first results as a listed company, and they tell two stories at once. We covered its debut on the Egyptian Exchange three weeks ago, when it completed the country’s largest IPO since 2021, and the numbers behind the debut now show what the company is becoming.
Net profit reached EGP 836 million (about $15 million) in the third quarter of 2026, more than double the EGP 399 million of the second quarter. But it is 31% lower than the same quarter last year, and revenue of EGP 5.4 billion is about 2% lower than a year ago.
The pivot behind the numbers
The annual fall is not a business in decline. It is the cost of a deliberate shift in how MNT-Halan makes its money, away from holding risky loans and toward selling them on and earning fees.
Interest income fell 35% in the first nine months, to EGP 4.61 billion, because the company now lends and then sells the shorter part of its loans. Income from selling those loan portfolios jumped 70% to EGP 6.90 billion over the same period.
The same shift shows in the loan book. Higher-risk SME lending fell to 15% of disbursements in the quarter, from 25% a year earlier, while consumer finance disbursements rose 42% to EGP 13 billion in the first nine months.
Microfinance remains the largest part of the book at 39%, with a 25% market share in Egypt. The gross loan book still grew 14% to EGP 48.1 billion by the end of September.
The super-app is doing the work
Beyond lending, the non-lending businesses are now moving the numbers. Cards issued reached 1.6 million, with more than 700,000 active, and card throughput rose 15% to EGP 36.8 billion.
Wealth investments outstanding reached EGP 4.6 billion, nearly five times last year’s level. A new digital brokerage, built on a custodian licence from the Financial Regulatory Authority, executed EGP 6.7 billion of trades in the quarter, double a year earlier.
Why the quarter reads better than the year
The margin tells the story. Net profit margin reached 15% in the third quarter, up from 8% in the second, and annualised return on average equity hit 41.1%.
Costs are under control too. The cost-to-income ratio improved to 59.4% for the first nine months, from 62% for 2025, and administrative spending rose just 4%, well below inflation.
The company also offloaded EGP 6.8 billion of loan receivables in the quarter at a 34.3% margin, up from 28.7% a year earlier, releasing EGP 1.6 billion of restricted cash. That is the funding model working: lend, sell, and use the cash again.
The EGP 4 billion raised in the IPO is not yet in these numbers. It lifted the equity base by about 45% to nearly EGP 13 billion, and it will cut net debt and fund the next phase of growth.
Founder and chief executive Mounir Nakhla said the company will now scale AI-driven capabilities across the business, including AI-powered credit agents to strengthen underwriting and reduce risk.
“We are targeting sustainable profitability and long-term shareholder value.”
Mounir Nakhla, Founder and Chief Executive, MNT-Halan
For the first nine months, revenue is up 11% to EGP 15.42 billion and net profit is down 11% to EGP 1.75 billion. The year-on-year comparison will stay tough until the new model laps the old one, but the quarter shows the pivot is paying.
