Qalaa Holdings, a leading investment company in Africa and the Middle East, recorded a consolidated net profit after minority interest of EGP 200 million during the first half (H1) of 2026, compared with a net loss of EGP 1.3 billion in the same period of 2025. The turnover was supported by a  52% year-on-year (YoY) rise in its consolidated revenues to reach EGP 94.7 billion, according to a disclosure to the EGX.

“The first half of 2026 was a strong period for Qalaa across the board, with the Group delivering robust top-line growth, a marked expansion in operating profitability, and a return to net profit,” said Ahmed Heikal, Chairman and Founder of Qalaa Holdings.

The strong performance was largely driven by the robust results of the  Egyptian Refining Company (ERC) , Qalaa’s refinery business, in the second quarter (Q2), on the back of higher petroleum product prices, improved refining margins, and the absence of the 32-day planned maintenance shutdown that affected its operations in the corresponding quarter of 2025.

The group’s standalone revenues stood at EGP 108.6 million in H1 2026, compared with EGP 108.7 million in H1 2025. Meanwhile, it posted a standalone net loss of EGP 395.6 million in H1 2026, compared with a net profit of EGP 372.1 million in H1 2025.

The group’s energy-related activities reported the highest revenues among the group’s different lines of business realizing revenues of EGP 83.4 billion compared to the same half of 2025.

ERC’s earnings before interest, taxes, depreciation, and amortization (EBITDA) reached EGP 17.3 billion in Q2 2026, compared with EGP 800 million in the same quarter last year. In addition, TAQA Arabia’s EBITDA increased 35% y-o-y to EGP 818.4 million, supported by broad-based growth across its businesses.

As for  Qalaa’s mining sector operations ranked third in revenues following the Cement sector. It recorded EGP 2.46 billion in H1 of 2026, from EGP 1.92 billion the same period in 2025.

It is worth noting that revenues from all sectors were EGP 94.65 billion in H1 of 2026, from EGP 62.29 billion.

In its disclosure, the group said that EGP 92.6 billion, or 97.9% of total consolidated revenue, came from customers in Egypt. Revenue outside Egypt mainly came from operations in Sudan.

Established in 2004, Qalaa Holdings invests in several core industries, including energy, cement, agrifoods, transportation, logistics, mining, printing, and packaging.

“As we head further into the year, we remain focused on executing our growth strategies across our various platforms, while simultaneously keeping a close eye on any emerging value accretive investment opportunities that will strengthen our overall investment portfolio,” said Heikal.

The group has five subsidiaries including TAQA Arabia, Egyptian Refining Company (ERC), Tawazon, ASEC HOLDING, ASCOM, Dina Farms, and National Ports Management (NPM).

In September 2026, Qalaa Holdings’ Board of Directors approved the purchase of an additional stake in the Egyptian Refining Company (ERC), raising Qalaa’s actual indirect stake in the company from 13.0% to 27.1%. Qalaa will also hold a 55.4% shareholding in New Age Refining Ltd, expected in December 2026. The Board approved a cash capital increase at nominal value for existing shareholders, raising paid-up capital from EGP 21.1 billion to EGP 25.0 billion.