Qalaa Holdings saw its revenues increase 53% y-o-y throughout 2024, coming in at EGP 148.9 bn for the 12-month period, which the company attributes to “solid” performance across its subsidiaries, according to its latest press release (pdf). Despite the jump in revenues, the company saw its bottom line dip 2% y-o-y to EGP 6.4 bn as refining margins from its Egyptian Refining Company (ERC) shrank.

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The main driver of top line growth was its USD revenue from ERC, which the company mostly attributed to the devaluation of the EGP. ERC also wrapped up its senior and subordinated restructuring in December 2024 and is “on track to fully settle its senior debt ahead of schedule,” which currently stands at USD 228.0 mn.

On a quarterly basis, revenues were up 35% y-o-y in 4Q, coming in at EGP 35.6 bn, which the company also attributes to ERC. The same period registered a 91% y-o-y drop in net income to EGP 420.7 mn due to one-off gains in 4Q 2023 from divesting Taqa Arabia shares.

Looking ahead: “Moving forward, we will continue pushing ahead with our growth strategies across our diverse platforms over the coming months. I am confident that the group’s outlook remains bright despite the challenging market conditions, and we will continue pushing forward with our strategy of undertaking small, incremental investments with the aim of continuously advancing Qalaa’s investments portfolio,” Qalaa Holdings Chairman Ahmed Heikal said.

AND- TMG Holding saw new sales rise 59% y-o-y in 1H 2025 to EGP 211 bn, which the company said was driven by sales at its SouthMed, Madinaty, Privado, Noor, Celia, and Saudi Banan projects, the company said in a statement(pdf). The company expects further growth as it follows through with its Iraq and Oman expansions.

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