Arab Finance: Qalaa Holdings reported a consolidated revenue of EGP 54.5 billion in the second quarter (Q2) of 2026, 118% year on year (YoY) up from EGP 25.1 billion in Q2 2025, while recurring earnings before interest, taxes, depreciation and amortization (EBITDA) rose 880% to EGP 18.2 billion, as per the group's financial results.

The group posted a net profit after minority interest of EGP 2 billion in Q2 2026, reversing a loss of EGP 1.2 billion in Q2 2025 as higher refining margins and uninterrupted production lifted earnings at the Egyptian Refining Company (ERC).

In Q2 2026, ERC generated EGP 49.4 billion in revenue, up 147% year over year (YoY), as petroleum product prices rose and the refinery operated without downtime. Its average daily refining margin climbed to $4.3 million from $1.2 million, helping it record EBITDA of EGP 17.3 billion, compared with EGP 0.8 billion the same period a year earlier.

ERC swung to a net profit of EGP 12.3 billion from a loss of EGP 3.8 billion.

“The first half (H1) of 2026 was a strong period for Qalaa across the board, with the Group delivering robust top-line growth, a marked expansion in operating profitability, and a return to net profit," said Qalaa Holdings Chairman and Founder Ahmed Heikal.

The refinery’s performance also shaped the six-month results. Qalaa’s H1 2026 revenue rose 52% to EGP 94.7 billion, and EBITDA increased 403% to EGP 30.3 billion.

The group posted a net profit after minority interest of EGP 200 million for the first six months of 2026, against a loss of EGP 1.3 billion in H1 2025. ERC’s average daily refining margin for the period reached $3.7 million, up from $1.3 million.

ERC fully repaid its senior debt in June 2026, enabling it to distribute dividends. It paid approximately $244 million of subordinated debt in August and plans to repay the remaining approximately $559.5 million in installments through 2030, including a payment of approximately $118 million expected shortly.

Outside ERC, growth at ASCOM, Dina Farms Holding and CCTO offset a decline at ASEC Holdings. EBITDA from those businesses fell 13% to EGP 919.4 million, weighed down by lower margins at the cement platform. 

ASEC Holdings’ EBITDA declined 35% to EGP 353.7 million, and its net profit fell 61% to EGP 109.6 million. The weaker result reflected a foreign exchange loss at Al-Takamol Cement following depreciation of the Sudanese pound, partly offset by Zahana Cement’s return to profitability and EBITDA growth at ASEC Automation and ARESCO.

Dina Farms Holding recorded a 38% rise in net profit to EGP 107.6 million, supported by growth at ICDP. ASCOM moved to a net profit of EGP 73.3 million from a loss of EGP 56.6 million, while CCTO narrowed its net loss to EGP 4.3 million from EGP 21.5 million. TAQA Arabia, which Qalaa accounts for as an associate rather than including in consolidated revenue, reported a 65% increase in net profit to EGP 353.4 million.