Valmore Holding, one of the MENA region’s leading diversified investment holding companies, had a solid start to the year, with first‑quarter consolidated revenue holding steady at its level in the same quarter of 2025 to stand at $ 166 million. This generated earnings before interest, taxes, depreciation, and amortization (EBITDA) of $79.6 million, marking a 10% year‑on‑year (YoY) increase.
Jon Rokk, the company’s CEO, noted that the company’s core hard-currency-generating platforms were performing exceptionally well and its utilities businesses continue to scale their recurring revenue base.
He added that regional geopolitical developments had a mixed impact across the company’s portfolio. “While the disruption to established trade routes and slower industrial activity in key export markets created challenges for some of our businesses, these same conditions also supported stronger global urea pricing and opened up new commercial opportunities in alternative markets.”
Among its subsidiaries, AlexFert, a fertilizer producer, revenues increased 16% YoY to $77.3 million, while net profit rose 13% YoY to $27.8 million. The company operated at full production utilization throughout the quarter, supported by a stable natural gas supply.
This was driven by a 15 % increase in the average export urea prices, to $470 per ton in Q1 2026, the highest level in four years, lifting total export revenues 13% YoY to $64.3 million. This alone represented 83% of total revenues.
In the oil and gas segment, ONS also posted a 4% YoY increase in revenues to $15 million, backed by stable production volumes and higher natural gas sales, while net profit rose 18% YoY to $7.7 million despite foreign exchange losses booked during the quarter.
In addition, Utilities arm NatEnergy recorded revenue growth of 20% YoY to $21 million, and net profit surged 49% YoY to $7.37 million during Q1 of 2026.
This was driven by higher gas distribution volumes as the company added about 37,000 new natural gas connections during the quarter, its highest quarterly total across the last ten quarters.
In another context, electricity distribution company Kahraba reported a 21% YoY rise in revenues to $16.3 million, supported by growth in electricity distribution volumes. The company also saw an increase in net profit by 20% YoY to $1.55 million.
Meanwhile, Petrochemicals company Sprea Misr faced pressure from disruptions to Gulf export routes amid regional geopolitical tensions, Valmore Holding said on May 17. The company generated revenues of $31.2 million during the quarter, compared to EGP 2.42 billion in Q1 of 2025. While net profit stood at $8.3 million during the quarter, from EGP 494 million in 2025.
Management expects a progressive normalization of Gulf export market access as regional geopolitical conditions normalize, as well as further upside from rising local demand, together supporting a recovery in volumes throughout the remainder of fiscal year (FY) 2026.
Established as Egypt Kuwait Holding (EKH) in 1997, Valmore’s investment portfolio is diversified across various sectors, including chemicals, building materials, utilities, oil and gas, as well as non-banking financial services.
