Arab Finance: Qalaa Holdings generated consolidated revenues of EGP 135.5 billion in 2025, as a planned 32-day maintenance shutdown at the Egyptian Refining Company (ERC) during the second quarter (Q2) weighed on its financial results.
The maintenance work, which is typically carried out about once every four years, affected ERC's production during the period. Despite the shutdown, Qalaa Holdings' consolidated recurring EBITDA remained stable at EGP 21.7 billion, as strong operating profitability across most subsidiaries offset the decline in ERC's operating profit.
Excluding ERC, consolidated revenues increased 27% year on year (YoY) to EGP 17.7 billion in 2025, while consolidated recurring EBITDA rose 28% to EGP 3.7 billion.
Qalaa Holdings recorded a consolidated net loss after minority interests of EGP 1.2 billion in 2025. However, on a pro forma basis, net profit after minority interests would have reached EGP 918.8 million if not for interest provisions related to debt settlement and restructuring agreements concluded with local banks in 2024, which are expected to be fully repaid once all terms and conditions are fulfilled.
ERC continued to operate above its estimated production capacity, while its refining margin improved gradually in line with the economic cycle. The margin strengthened further during Q4 2025 and the first half (H1) of 2026, a development the company said will positively impact both ERC's financial performance and Qalaa Holdings' consolidated results.
ERC's dollar-denominated revenues, converted into EGP, reached EGP 30.7 billion during Q4 2025. The company also said ERC has no outstanding receivables from the Egyptian General Petroleum Corporation (EGPC), which has consistently settled all of its dues.
On the debt front, ERC repaid $417 million of principal debt in December 2025, bringing total principal debt repayments for the year to $574.4 million. This reduced the company's senior debt principal balance from an initial $2.35 billion to $63 million by the end of December 2025.
In June 2026, ERC fully repaid its principal debt, clearing the way for potential cash dividend distributions. ERC is now preparing to repay about $229.7 million in subordinated debt, with the remaining balance scheduled for repayment in installments through 2030.
