Arab Finance: Valmore Holding posted robust financial results in the first half (H1) of 2026, recording a net profit attributable to shareholders of the holding company of $70.3 million and earnings per share of $0.472.
The comparable half a year earlier carried $44.8 million of exceptional, non-recurring items. Stripping those out, along with $3.42 million of non-recurring items booked in H1 2026, net profit grew 46.7% year on year (YoY).
Sector Diversity Underpins Revenue Growth
Consolidated revenues rose 13% to $391.9 million, led by fertilizers and petrochemicals, which grew 31% to $272.7 million and accounted for roughly 70% of the total. AlexFert did much of the work, lifting revenues 62% to $191.8 million as average urea export prices improved to $616 per tonne.
Sprea Misr's sales fell on the back of export restrictions into Gulf markets, yet the company still delivered 59% quarter-on-quarter growth to reach revenues of $49.6 million, helped by a presence in more than 50 export markets and by room to expand further across Africa.
In energy and utilities, both NatEnergy and KAHRABA kept growing through the half. NatEnergy's revenues rose 19% year on year to $40 million as natural gas connections expanded and customer service income grew. KAHRABA's revenues rose 31% to $36.4 million, with electricity distribution volumes up 40% YoY.
In oil and gas, ONS posted revenues of $29.7 million for H1 2026, while net profit attributable to Valmore reached $17.1 million, up 11% YoY.
Strategic Expansion Builds The Case For Future Growth
The Endolys project in the United Kingdom is progressing on schedule, with operations set to begin in the final quarter of 2026. Elsewhere, Nile Wood continued to improve operational efficiency and raise output over the half.
A Positive Outlook
Several factors point to continued support for Valmore's operating performance in the period ahead: stable raw material availability, firm fertilizer prices, further growth in utilities, and progress across the group's international projects and platforms.
Together, these should keep earnings resilient and allow the group to draw on the breadth of its portfolio, with underlying profitability continuing to improve against earlier periods once exceptional items and gains are set aside.
