Valmore Holding, a leading diversified investment holding company, reported a 13% year-on-year (YoY) increase in its first-half (H1) 2026 revenue to $392 million. This increase was backed by strong second-quarter results manifested in a 25.2% YoY growth in revenues to $226 million, according to a press release by the company.
The Group’s earnings before tax, interest, depreciation and amortization (EBITDA) reached $166 million while its net profit stood at $87.5 million.
However, Valmore’s attributable net profit declined 22.2% YoY in H1 2026 because the prior-year results included $44.8 million in net non-recurring items related to the divestment of non-core assets and discontinued operations profit from Delta Insurance. Excluding these items, as well as $3.42 million in net non-recurring items recognized in H1 2026, attributable net profit increased 46.7% YoY.
“The first half of 2026 demonstrated what Valmore’s strategy looks like in execution, and the breadth of it matters as much as the scale. All five of our largest subsidiaries grew attributable net profit, and together they grew it 37% y-o-y. The underlying operating performance of the portfolio is the better guide to how the business performed over the period,” said Jon Rokk, CEO of Valmore Holding
The group’s largest five subsidiaries are its fertilizers business AlexFert, petrochemicals unit Sprea Misr, Natural Gas arm NatEnergy, electricity generation and distribution arm Kahraba, and Oil and Natural Gas Services (ONS), the group’s oil and gas subsidiary in North Sinai.
“AlexFert more than doubles second-quarter revenues on a global urea price rally; Sprea posts a 59% sequential revenue recovery; NatEnergy expands its distribution network into the New 6th of October City industrial zone while adding 83,200 new connections over the first half; and Kahraba lifts electricity distribution volumes 40.3% y-o-y in H1’26, ” noted the press release.
As for ONS, revenues came in at $29.7mn, with EBITDA broadly unchanged year‑on‑year at $25.3mn aThe Egyptian government’s settlement of sector‑wide arrears, coupled with the continuation of timely payments, marked a positive shift for liquidity and cash‑flow visibility. Against this backdrop, ONS collected a substantial portion of outstanding receivables during the quarter.
Valmore Chairman Loay Jassim Al-Kharafi said the first-half performance validated the company’s repositioning strategy and demonstrated the resilience of its diversified portfolio across market cycles.
Looking ahead, Valmore said its priorities for the second half (H2) of 2026 include improving operational efficiency across its chemicals businesses, expanding its utilities customer base and distribution capacity, and advancing growth at ONS and its international platforms.
Established as Egypt Kuwait Holding (EKH) in 1997, Valmore Holding is a diversified investment company operating across MENA and Europe, with a portfolio spanning chemicals, building materials, utilities, oil and gas, and non-banking financial services.
