The latest round of quarterly earnings is starting to pick up the pace, with Qalaa Holdings and Abu Qir Fertilizers all posting their earnings over the last few days.

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QALAA HOLDINGS ENDS 1Q IN THE RED-

Qalaa Holdings’ revenues remained largely stable y-o-y in 1Q 2025 at EGP 37.2 bn, as lower revenue from Egyptian Refining Company (ERC) offset top-line growth across all other subsidiaries, according to the company’s latest earnings release (pdf). Excluding ERC, revenue rose 24% y-o-y to EGP 3.9 bn, driven by solid performances at ASEC Holdings, ASCOM, Taqa Arabia, and CCTO.

Qalaa reported a net loss of EGP 43 mn during the quarter, down from a net income of EGP 7.2 bn in 1Q 2024. The company’s bottom line was brought down by a fall in revenues from its ERC arm due to a decline in global refining margins and lower product prices, despite the group noting growth across all of its other subsidiaries during the period. The bottom line was also impacted by EGP 492 mn in interest expenses related to debt settlement and restructuring agreements signed in 2024.

What’s next? Qalaa aims to cut its debt by about EGP 30 bn in FY 2025, supported by continued repayments at ERC, which is on track to fully repay its senior debt by early 2026. The company also plans to list four of its fast-growing subsidiaries over the next two years to raise funds and boost flexibility. ERC is also working on new projects to improve margins, with better results expected by the end of 2025, while Qalaa’s liquidity has improved and is set to strengthen further once ERC starts paying dividends in 2026.

What they said: “Building on this promising start to the year, we will continue executing our growth strategies across our diverse platforms. I am confident that the group can continue to leverage its resilience and agility to navigate market challenges and capitalize on improving macroeconomic conditions. In parallel, we will continue pushing ahead with our strategy of undertaking targeted, incremental investments with the aim of continuously enhancing Qalaa’s investments portfolio,” said Chairman and founder Ahmed Heikal.

ABU QIR FERTILIZERS’ NET INCOME INCHES UP IN 3Q-

Abu Qir Fertilizers reported a 2.0% increase in net income to EGP 1.3 bn for the quarter ending 30 September 2025, according to its latest financials (pdf). Revenues rose 8.0% y-o-y in the same period to EGP 3.9 bn.

The company attributed the results to operating plants at full capacity, cost optimization efforts, and a successful marketing strategy that expanded exports and secured better product prices. Operating cash flow stood at EGP 619 mn, reversing a negative EGP 640 mn in the same period last year.

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