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Arab Finance: Qalaa Holdings generated consolidated revenues of EGP 25.1 billion in the second quarter (Q2) of 2025, 34% year-on-year (YoY) down, according to an emailed press release.
The group attributed the decline to a 32-day pre-planned production shutdown for maintenance at ERC, as well as the decline in gross refining margins on ERC's top line.
Excluding ERC, Qalaa’s consolidated revenue hiked by 48% YoY to EGP 5.1 billion in Q2 2025, driven by solid top-line growth across all other subsidiaries.
In this regard, Qalaa’s EBITDA dropped by 67% YoY to EGP 1.9 billion in the April-June period of 2025.
Likewise, ERC’s USD-denominated revenue fell by 42% YoY in EGP terms to EGP 20 billion.
Qalaa also reported a consolidated net loss after minority interest of EGP 1.2 billion in Q2 2025, compared to EGP 1.4 billion in Q2 2024.
However, both ASEC Holdings and Dina Farms Holding Company recorded net profits.
ASEC Holdings achieved a net profit of EGP 284.4 million in Q2 2025, against a net loss of EGP 135.6 million recorded in Q2 2024, largely supported by the strong recovery at Al-Takamol Cement.
Meanwhile, Dina Farms Holding registered a net profit amounting to EGP 77.8 million.
Ahmed Heikal, Chairman and Founder of Qalaa Holdings, commented: “As we head further into the year, we remain focused on executing our growth strategies across our various platforms, while simultaneously keeping a close eye on any emerging value accretive investment opportunities that will strengthen our overall investment portfolio.”
“In parallel, Qalaa Holdings has successfully completed the transfer of the capital-increase shares from QHRI to the shareholders who participated in the company’s debt-purchase transaction in November 2025,” Heikal said.
Hisham El-Khazindar, Co-Founder and Managing Director of Qalaa Holdings, noted: “On the debt settlement front, ERC remains on track to fully settle its senior debt ahead of schedule. In December 2025, ERC made a payment of $417 million to senior lenders, resulting in aggregate debt repayments of $574.4 million over the course of 2025.”
“Following this repayment, ERC has reduced its senior debt principal balance from an initial $2.35 billion to just $63 million as of December 2025, which is scheduled to be repaid in March 2026,” added El-Khazindar.
