The Egyptian Refining Company (ERC) has fully paid off its senior debt, marking a major milestone in its financial restructuring, according to a statement by Qalaa Holdings, which owns 13 % of ERC.

The repayment would enable ERC to distribute dividends subject to approval by its general assembly. According to the statement, ERC is also in the process of repaying $200 million of its secondary debt.

The statement puts ERC’s net profit during the first half (H1) of 2026 at around $375 million, including an estimated $60 million in June alone. This compares with a net loss recorded during the corresponding period of 2025.

In November, Qalaa Holding announced plans to reduce its consolidated debt by approximately EGP 30 billion during FY 2025, including the repayment of $300 million in ERC’s senior debt.

Qalaa Holdings is one of Egypt’s largest investment companies. It invests across energy, cement, agrifoods, logistics, mining, and packaging, with flagship assets like ERC and  TAQA Arabia. Meanwhile, ERC  is a state-of-the-art $ 4.3 billion oil refinery with an annual production capacity of 4.7million tons.