Qalaa’s consolidated revenue rebounded to EGP 38.3 billion in 3Q25, recouping the drop experienced in 2Q25 associated with the maintenance shutdown in ERC. Additionally, ERC’s EBITDA is expected to rise further in 4Q25 and 1Q26 on the back of improved gross refining margins, which will translate to a substantial uplift in Qalaa’s consolidated financial performance over the coming periods. Furthermore, EBITDA excluding ERC increased by 77% y-o-y, reflecting a very strong and sustained broad-based growth across the Group’s subsidiaries. The Group’s consolidated net income stood at EGP 81.4 million in 3Q25, noting that on a pro forma basis, consolidated net income would have reached EGP 583 million in 3Q25 if it weren’t for the interest provision related to settlement/restructuring agreement signed with local banks in 2024, which is expected to be fully reversed upon completion of all terms and conditions. 

Key Highlights:

• Qalaa’s consolidated revenue bounced back to EGP 38.3 billion in 3Q25, with ERC recouping the drop in revenue reported during 2Q25 associated with the 32-day maintenance shutdown. Excluding ERC, consolidated revenue expanded by 29% y-o-y to EGP 4.5 billion during the quarter. In parallel, recurring EBITDA grew by 44% y-o-y to EGP 6.9 billion in 3Q25, driven by strong operating profitability across all subsidiaries.

• Qalaa’s consolidated net income stood at EGP 81.4 million in 3Q25, noting that on a pro forma basis, consolidated net income would have reached EGP 583 million in 3Q25 if it weren’t for the interest provision related to settlement/restructuring agreement signed with local banks in 2024, which is expected to be fully reversed upon completion of all terms and conditions.

• ERC continued to operate above its rated capacity, with refining margins inching up in-line with the cyclical nature of the business. Margins have improved further in 4Q25 and 1Q26, which will reflect positively on both ERC and consolidated Qalaa figures. The company’s USD-dominated revenues totaled EGP 33.8 billion in 3Q25. ERC has no outstanding receivables from EGPC, which is current on all its payments due to ERC.

• In December 2025, ERC made a payment of USD 417 million to senior lenders, resulting in aggregate debt repayments of USD 574.4 million over the course of 2025. Following this repayment, ERC has reduced its senior debt principal balance from an initial USD 2.35 billion to just USD 63 million as of December 2025.

• Qalaa’s remaining portfolio companies delivered a standout performance across the board, with every business segment posting strong top-line growth in 3Q25. This momentum translated into robust bottom-line expansion, highlighting the portfolio’s accelerating growth trajectory and operational strength.

The continued recovery at Al-Takamol Cement, underpinned by significant revenue, EBITDA, and net profit expansion, coupled with strong growth at ASEC Automation, supported the performance of the Group’s cement segment during the quarter. 

Dina Farms Holding continued to deliver solid top-line growth, on the back of strong performances at Dina Farms, coupled with increased sales volumes, higher selling prices, and new product launches at ICDP.

ASCOM’s strong revenue growth was largely driven by its two largest USD-denominated revenue generators, ACCM and GlassRock, as well as improved results at ASCOM Mining. Worth noting that the Group’s position as an import substitute and export player across the mining business continued to strengthen Qalaa’s consolidated results.

CCTO’s transportation and logistics business saw its revenue remain largely stable year-on-year, supported by a strong performance at NRPMC. 

TAQA Arabia delivered solid top- and bottom-line results driven by strong performances across the board.

The Group continues to focus on growing its exports and leveraging the cost advantage available to local manufacturers, with Group export proceeds reaching c.USD 27.0 million in 3Q25. Meanwhile, local foreign currency revenue stood at c.USD 720.9 million during the quarter. 

In November 2025, Qalaa Holdings successfully completed the transfer of the capital-increase shares from QHRI to the shareholders who participated in the company’s debt-purchase transaction. This marks the full conclusion of all procedures related to the transaction, while generating outstanding investment returns for participants. This milestone follows the completion of Qalaa’s capital increase in October 2025, which raised the company’s issued and paid-in capital from EGP 9.1 billion to EGP 21.1 billion, distributed across 4.2 billion shares. The capital increase was executed following QHRI’s purchase of USD 240.7 million in foreign senior debt as part of a settlement agreement with foreign banks and international lenders. 

The interest provision of EGP 501.1 million recorded in 3Q25 in connection with the debt settlement/restructuring agreements with local banks is comprised as follows:

In 3Q25, Qalaa recorded an interest provision of EGP 225.3 million relating to the portion of the Senior Debt that was previously owed to Egyptian banks. This liability continues to be reflected on Qalaa’s balance sheet pending the full satisfaction of all conditions stipulated in the settlement agreement starting 2030. However, this does not reflect the actual amounts currently owed to these lenders; rather, it represents the pre-settlement balances. 

In addition, under the restructuring agreement signed in 2024 between SPVs fully owned by Qalaa and a local bank, a total of USD 44 million, together with all related accrued interest pertaining to loans owed to this bank, which as of 3Q25 amounted to EGP 275.8 million, is expected to be written off following the full repayment of the amounts due to the bank in 2033.

It is worth noting that the current accumulated interest balance expected to be written off amounts to approximately USD 143 million, with this figure anticipated to increase on a quarterly basis as additional interest accrues until final settlement.

Qalaa’s strategy will continue to focus on the following elements:

Qalaa will continue driving growth through small incremental investments in its subsidiaries, expanding cashflows, and thereby reducing its debt to cashflow ratios. Management is confident this strategy will continue to deliver the desired results.

Strategic plans are currently underway to initiate five IPOs over the coming two years for select high-growth subsidiaries to unlock shareholder value, enhance financial flexibility, and facilitate the valuation of Qalaa’s shares. National River Port Management Company will be the first subsidiary to IPO, with an expected listing date during 2026.

As of 31 December 2025, Qalaa reduced its total consolidated debt by approximately EGP 39 billion, driven by ERC’s repayment of USD 574.4 million during the year, in addition to the capitalization of USD 240.7 million in debt at QHRI.

While cashflow bottlenecks persist in some of the Group’s subsidiaries, it is mainly due to Capex expansions associated with small incremental investments, and the overall liquidity position has improved significantly. Additionally, further improvements are anticipated across all major operations.

Following improved performances at the subsidiary level and the completion of the QHRI transaction, Qalaa’s shareholders’ equity has turned positive following two years of negative equity, reaching EGP 3.4 billion, and is expected to increase substantially by year-end 2025.

Cairo: 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. During the quarter, Qalaa’s consolidated revenue rebounded to EGP 38.3 billion, with ERC recouping the drop experienced during 2Q25 following the 32-day maintenance shutdown. Meanwhile, Qalaa’s EBITDA grew by 44% y-o-y to EGP 6.9 billion during the quarter. 

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 in 3Q25, driven by solid top-line growth across all other subsidiaries.

On the profitability front, in 3Q25, Qalaa’s EBITDA grew 44% y-o-y to EGP 6.9 billion, driven by strong operating profitability across all subsidiaries. Excluding ERC, Qalaa’s 3Q25 EBITDA surged by 77% y-o-y to EGP 856.4 million, driven primarily by significant growth at the Cement platform, and further supported by solid contributions from the Agrifoods and Mining platforms.

ASEC Holdings’ EBITDA grew exponentially year-on-year from EGP 22.7 million in 3Q24 to EGP 280.2 million in 3Q25, largely driven by the strong recovery at Al-Takamol Cement, an increase in production volumes and favorable FX movements at Zahana Cement, and ASEC Automation’s expansion into regional markets and the renewable energy sector. At Dina Farms Holding Company, EBITDA expanded by 50% y-o-y to EGP 291.8 million in 3Q25, driven by improved operations at Dina Farms, in addition to greater volumes, higher selling prices, and new product launches at ICDP.

In 3Q25, ASCOM’s EBITDA rose by 47% y-o-y to EGP 201.8 million, supported by solid operating profitability at the USD-denominated ACCM and GlassRock. EBITDA at CCTO’s transportation and logistics business grew by 8% y-o-y to EGP 144.8 million in 3Q25, largely driven by a strong performance at NRPMC.

Finally, TAQA Arabia’s EBITDA expanded by 25% y-o-y to EGP 713.4 million in 3Q25, supported by broad-based growth across the board. TAQA Arabia is accounted for as an investment in associate using the equity method and revenues are not included in Qalaa’s consolidated revenues.

In 3Q25, Qalaa reported a consolidated net income after minority interest of EGP 81.4 million, affected by the continued accrual of interest expense relating to the Settlement and Restructuring agreements signed in 2024, which amounted to EGP 501.1 million in 3Q25. Interest continues to accrue on Qalaa’s Income Statement pending the full satisfaction of all conditions stipulated in the settlement agreement starting 2030. However, these amounts will be completely written off once the terms of the settlement agreement are fully met. 

Notwithstanding the above, all of Qalaa’s platforms delivered net profits during the quarter.
ERC’s net income increased by 437% y-o-y to EGP 931.7 million in 3Q25, largely supported by an increase in refining margins. ASEC Holdings achieved a net profit of EGP 60.2 million in 3Q25, compared to a net loss of EGP 191.3 million recorded in 3Q24, largely supported by the strong recovery at Al-Takamol Cement.

In 3Q25, Dina Farms Holding Company’s net profit expanded by 270% y-o-y to EGP 89.2 million, driven primarily by bottom-line expansion at both Dina Farms and ICDP. ASCOM’s net profit grew by 142% y-o-y to EGP 397.2 million in 3Q25, largely supported by a strong turnaround in bottom-line profitability at GlassRock, coupled with solid net profit expansion at ACCM.

CCTO’s transportation and logistics business achieved a net profit of EGP 119.6 million in 3Q25, a 310% y-o-y increase driven by strong bottom-line growth at NRPMC. Finally, TAQA Arabia’s net profit expanded by 64% y-o-y to EGP 350.0 million in 3Q25, fueled by strong bottom-line growth across all subsidiaries during the quarter.

“I am pleased with Qalaa's results over the past quarter, as we continued to demonstrate our strength and agility in a dynamic macroeconomic landscape," said Qalaa Holdings Chairman and Founder Ahmed Heikal.

"Qalaa’s performance continues to be heavily driven by ERC’s performance. On that front, Qalaa’s consolidated revenue rebounded to EGP 38.3 billion, with ERC recouping the revenue drop reported in 2Q25, and all other subsidiaries reporting solid top-line growth. Worth noting that excluding ERC, the Group’s consolidated revenue expanded by 29% y-o-y to EGP 4.5 billion during the quarter."

"We remain focused on executing our growth strategies across our diverse portfolio. On that front, strategic plans are currently underway to initiate five IPOs over the coming two years for select high-growth subsidiaries to unlock shareholder value, enhance financial flexibility, and facilitate the valuation of Qalaa’s shares," Heikal stated. 

"On a separate note, 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. This marks the full conclusion of all procedures related to the transaction, while generating outstanding investment returns for participants. I am pleased with the significant progress being made on the debt settlement front, as we continue to work towards strengthening and enhancing the Group’s overall financial position," Heikal continued.

"Finally, I would like to reiterate that the true value of Qalaa's performing assets is masked due to holding them at their historical cost and, in some cases, adjusting for impairments, while not taking into consideration any revaluation adjustments," Heikal concluded.

"Our diverse portfolio continued to demonstrate its strength and resilience across the board, with all business segments, apart from ERC, achieving solid top-line growth in 3Q25," said Hisham El-Khazindar, Qalaa Holdings Co-Founder and Managing Director. "ERC continued to operate above its rated capacity, and its USD-denominated revenue remained largely flat year-on-year. Meanwhile, at our cement segment, the continued recovery at Al-Takamol Cement, underpinned by significant revenue, EBITDA, and net profit expansion, coupled with solid growth at ASEC Automation, supported the segment’s performance during the quarter. Similarly, Dina Farms Holding continued to deliver solid top-line growth, on the back of strong performances at Dina Farms, coupled with increased sales volumes, higher selling prices, and new product launches at ICDP. Furthermore, our position as an import substitute and export player through our mining business continues to enable the generation of valuable USD proceeds, supporting the Group’s consolidated results."

"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 USD 417 million to senior lenders, resulting in aggregate debt repayments of USD 574.4 million over the course of 2025. Following this repayment, ERC has reduced its senior debt principal balance from an initial USD 2.35 billion to just USD 63 million as of December 2025," added El-Khazindar.

"Our performance for the third quarter of the year is a demonstration of our ability to navigate and capitalize on a dynamic operating environment. I am confident that we are well-positioned to continue delivering strong and sustainable results over the coming period,” concluded El-Khazindar.

Previous Qalaa Holdings press releases on this subject and others may be viewed online from your computer, tablet or mobile device at qalaaholdings.com/newsroom

Qalaa Holdings (CCAP.CA on the Egyptian Stock Exchange) is an African leader in energy and infrastructure. Qalaa Holdings builds responsible and sustainable businesses that add value to the economies and societies in which it does business. Formerly known as Citadel Capital, Qalaa Holdings controls subsidiaries in industries including Energy, Cement, Agrifoods, Transportation & Logistics, Mining and Printing & Packaging. To learn more, please visit qalaaholdings.com.