Qalaa Reports EGP 38.3 Billion Revenue in 3Q25, Driven by ERC Recovery and Strong Subsidiary Performance

إيمان شعبانالثلاثاء 24 مارس 2026

Qalaa Holdings, a leader in energy and infrastructure (CCAP.CA on the Egyptian Exchange), released today its consolidated financial results for the three- and nine-month periods ending 30 September 2025. Qalaa’s consolidated revenue rebounded to EGP 38.3 billion in 3Q25, recouping the drop experienced in 2Q25 associated with the 32-day maintenance shutdown at the Egyptian Refining Company (ERC).
ERC’s USD-denominated revenue remained largely unchanged year-on-year, in EGP terms, at EGP 33.8 billion in 3Q25. Excluding ERC, Qalaa’s revenue expanded by 29% y-o-y to EGP 4.5 billion during the quarter, driven by strong top-line growth across all subsidiaries.
Additionally, ERC continued to operate above its rated capacity, with refining margins improving in line with the cyclical nature of the business. Margins have further improved in 4Q25 and 1Q26, which is expected to reflect positively on both ERC and Qalaa’s consolidated financial performance in the coming periods. ERC also reported no outstanding receivables from EGPC, which remains current on all its payment obligations

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Strong EBITDA Growth Across Subsidiaries

Qalaa’s EBITDA grew by 44% y-o-y to EGP 6.9 billion in 3Q25, driven by strong operating profitability across all subsidiaries. Excluding ERC, EBITDA surged by 77% y-o-y to EGP 856.4 million, reflecting strong and sustained growth across the Group’s diversified portfolio.
ASEC Holdings’ EBITDA increased significantly from EGP 22.7 million in 3Q24 to EGP 280.2 million in 3Q25, supported by the recovery of Al-Takamol Cement, increased production volumes at Zahana Cement, and ASEC Automation’s expansion into regional markets and renewable energy.
Dina Farms Holding Company reported a 50% y-o-y increase in EBITDA to EGP 291.8 million in 3Q25, driven by improved operational efficiency, higher sales volumes, increased selling prices, and new product launches at ICDP.
ASCOM recorded a 47% y-o-y increase in EBITDA to EGP 201.8 million in 3Q25, supported by strong performance at ACCM and GlassRock, both of which generate USD-denominated revenues, in addition to improved results at ASCOM Mining.
CCTO’s transportation and logistics segment recorded EBITDA growth of 8% y-o-y to EGP 144.8 million in 3Q25, driven by strong performance at National River Port Management Company (NRPMC). Meanwhile, TAQA Arabia reported a 25% y-o-y increase in EBITDA to EGP 713.4 million in 3Q25, supported by strong performance across all its segments. TAQA Arabia is accounted for as an associate using the equity method and is not consolidated within Qalaa’s revenues

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Net Profit Impacted by Interest Provisions and Debt Restructuring

Qalaa reported a consolidated net income after minority interest of EGP 81.4 million in 3Q25, impacted by interest provisions related to settlement and restructuring agreements signed with local banks in 2024, which amounted to EGP 501.1 million during the quarter.
On a pro forma basis, consolidated net income would have reached EGP 583 million in 3Q25 if it were not for these provisions, which are expected to be fully reversed upon completion of all related terms and conditions.
The interest provision includes EGP 225.3 million related to senior debt previously owed to Egyptian banks, which will continue to be reflected until conditions of the settlement agreements are fulfilled starting 2030. Additionally, under a restructuring agreement signed in 2024, USD 44 million in loans along with accrued interest of EGP 275.8 million as of 3Q25 are expected to be written off upon full repayment by 2033. The accumulated interest expected to be written off currently stands at approximately USD 143 million.
Despite these impacts, all business segments reported net profits. ERC’s net income rose by 437% y-o-y to EGP 931.7 million in 3Q25, driven by improved refining margins. ASEC Holdings recorded a net profit of EGP 60.2 million compared to a net loss of EGP 191.3 million in 3Q24. Dina Farms reported a 270% y-o-y increase in net profit to EGP 89.2 million, while ASCOM’s net profit grew by 142% y-o-y to EGP 397.2 million. CCTO recorded a 310% y-o-y increase in net profit to EGP 119.6 million, and TAQA Arabia’s net profit rose by 64% y-o-y to EGP 350.0 million.
Qalaa continued to strengthen its financial position, with ERC repaying USD 417 million to senior lenders in December 2025, bringing total repayments for the year to USD 574.4 million. This reduced ERC’s senior debt from USD 2.35 billion to USD 63 million by December 2025.
The Group also completed a capital increase in October 2025, raising issued and paid-in capital from EGP 9.1 billion to EGP 21.1 billion across 4.2 billion shares, following QHRI’s acquisition of USD 240.7 million in foreign debt. In November 2025, Qalaa finalized the transfer of these shares to participating shareholders, completing all procedures related to the transaction.
Qalaa reduced its total consolidated debt by approximately EGP 39 billion as of 31 December 2025. The Group continues to focus on export growth, with export proceeds reaching approximately USD 27.0 million in 3Q25, while local foreign currency revenues reached approximately USD 720.9 million.
Strategically, Qalaa plans to launch five IPOs over the next two years for high-growth subsidiaries, starting with National River Port Management Company in 2026. The Group’s shareholders’ equity has turned positive at EGP 3.4 billion following two years of negative equity and is expected to grow further by year-end 2025.
Chairman Ahmed Heikal stated that the results reflect the Group’s strength and resilience in a dynamic macroeconomic environment, while Co-Founder and Managing Director Hisham El-Khazindar emphasized that Qalaa remains on track to fully settle ERC’s senior debt ahead of schedule and continue delivering strong, sustainable growth.