Qalaa Holdings reports EGP 38.3B revenue in Q3 2025

Updated 3/24/2026 9:43:00 AM

Arab Finance: Qalaa Holdings (CCAP) reported consolidated revenue of EGP 38.3 billion in the third quarter (Q3) of 2025, reflecting a recovery following the previous quarter’s decline linked to a 32-day maintenance shutdown at the Egyptian Refining Company (ERC), as per an emailed press release.

The recovery was primarily supported by ERC, whose USD-denominated revenue remained largely unchanged year-on-year (YoY) and reached EGP 33.8 billion in Q3 2025 in local currency terms.

Excluding ERC, Qalaa’s revenue rose by 29% YoY to EGP 4.5 billion, driven by growth across its other subsidiaries.

On the profitability front, Qalaa’s EBITDA increased by 44% YoY to EGP 6.9 billion during the quarter, supported by operating performance across its platforms.

Within its subsidiaries, ASEC Holdings reported EBITDA of EGP 280.2 million in Q3 2025, compared to EGP 22.7 million in the same period last year, supported by improved performance at Al-Takamol Cement, higher production volumes at Zahana Cement, and ASEC Automation’s regional expansion.

Dina Farms Holding Company recorded EBITDA of EGP 291.8 million, a 50% YoY increase driven by operational improvements, higher volumes, increased selling prices, and new product launches at ICDP.

ASCOM posted EBITDA of EGP 201.8 million in Q3 2025, up 47% YoY, supported by performance at ACCM and GlassRock.

Meanwhile, CCTO’s transportation and logistics segment recorded EBITDA of EGP 144.8 million, an 8% YoY increase driven by NRPMC.

TAQA Arabia reported EBITDA of EGP 713.4 million, up 25% YoY, supported by growth across its operations.

The company is accounted for as an associate using the equity method, and its revenues are not included in Qalaa’s consolidated revenues.

Qalaa recorded consolidated net income after minority interest of EGP 81.4 million in Q3 2025.

The result was affected by interest expenses related to the settlement and restructuring agreements signed in 2024, which amounted to EGP 501.1 million during the quarter.

These interest amounts will continue to accrue until all conditions of the agreement are met, starting in 2030, after which they will be written off.

Despite this, all of Qalaa’s platforms recorded net profits during the quarter. ERC’s net income increased by 437% YoY to EGP 931.7 million, supported by higher refining margins.

ASEC Holdings reported a net profit of EGP 60.2 million, compared to a net loss of EGP 191.3 million in Q3 2024.

Dina Farms Holding Company’s net profit increased by 270% YoY to EGP 89.2 million, driven by growth at both Dina Farms and ICDP.

ASCOM reported net profit of EGP 397.2 million, up 142% YoY, supported by performance at GlassRock and ACCM.

CCTO’s transportation and logistics segment recorded net profit of EGP 119.6 million, a 310% YoY increase driven by NRPMC.

TAQA Arabia reported net profit of EGP 350 million, up 64% YoY, supported by performance across its subsidiaries.

Established in 2004, Qalaa Holdings is a leading private equity company in Africa and the Middle East that invests in several core industries, including energy, cement, agrifoods, transportation, logistics, mining, printing, and packaging.

It also provides asset management services, including fund and portfolio management as well as investment banking services, including financial advisory services on mergers and acquisitions.