The Egyptian Refining Company (ERC), a leading Egyptian privately owned refinery, continued to run above its nameplate capacity and benefited from stronger refining spreads amid geopolitical volatility in global energy markets during 2025. The refinery posted US dollar‑denominated revenues of EGP 30.7 billion in the fourth quarter of 2025 and reported no outstanding receivables, with EGPC current on all payments, according to a press statement by Qalaa Group, ERC’s parent company. The statement also outlined Qalaa’s overall financial performance for the year.
ERC, which produces liquefied petroleum gas (LPG), naphtha and jet fuel among other refined products, repaid $417 million to senior lenders in December 2025, bringing total debt repayments throughout 2925 to $574.4 million. The repayments reduced senior debt from an initial $2.35 billion to $63 million by the end of 2025 before the remaining balance was fully repaid in June 2026. Qalaa said the repayment clears the way for ERC to distribute dividends should its board decide to do so.
ERC’s dollar‑denominated revenue slipped 3% year‑on‑year to EGP 30.7 billion in 4Q25. For the full year, revenue fell 13% to EGP 117.8 billion, with the production shutdown weighing on overall results, noted the statement. ERC had a 32-day maintenance shutdown during the second quarter (Q2) of 2025/2026
“While ERC’s USD-denominated revenues contracted year-on-year, impacted by the production shutdown, the facility continued to operate well beyond its rated capacity,” Hisham El-Khazindar, Co-Founder and Managing Director of Qalaa Holdings, commented.
TAQA Arabia, another Qalaa Subsidiary, made a 23 % increase in earnings before interest, taxes, depreciation, and amortisation (EBITDA) to EGP 2.5 billion, reflecting ” broad‑based growth across its businesses.” Meanwhile, the company saw a 5% year‑on‑year (YoY) decline in fourth‑quarter 2025 EBITDA to EGP 668.8 million, weighed down by weaker operating profitability at TAQA Gas and TAQA Power. TAQA Arabia is Egypt’s largest private‑sector energy distribution company.
Qalaa Holdings’ revenue excluding the ERC increased 27% YoY to EGP 17.7 billion, underscoring broad-based growth across the group’s portfolio.
“Our performance continues to be heavily driven by ERC’s performance,” Qalaa Holdings Chairman and Founder Ahmed Heikal stated, adding, “We remain focused on executing our growth strategies across our diverse portfolio. On that front, strategic plans are currently underway to initiate five IPOs over the coming two years for select high-growth subsidiaries to unlock shareholder value, enhance financial flexibility, and facilitate the valuation of Qalaa’s shares.
Qalaa Holdings is a listed investment company focused on energy and infrastructure assets across Africa. Its portfolio spans energy, cement, agrifoods, transportation and logistics, mining, and printing and packaging.
