Cairo – Mubasher: Qalaa Holdings achieved 53% year-on-year (YoY) higher revenues at EGP 148.90 billion in 2024, mainly driven by Egyptian Refining Company’s (ERC) USD-denominated revenue.

The company’s EBITDA reached EGP 21.40 billion as of 31 December 2024, marking an annual decline of 6%, according to the financial results.

Moreover, the consolidated bottom-line dropped by 2% YoY to EGP 6.40 billion.

The Chairman and Founder of Qalaa Holdings, Ahmed Heikal, commented: “Qalaa closed out the year strongly, reporting solid top-line expansion in 2024. Our performance throughout the past year underscores the group’s strength and resilience, as well as its ability to navigate challenging macroeconomic conditions,”

“As we head further into 2025, we will continue to build on the strong top-line performance to deliver sustainable, broad-based growth,” Heikal added.

“In 2024, the group’s consolidated net income contracted slightly by 2% YoY, largely due to the decline in ERC’s refining margins, whereas net income excluding ERC inched upwards by 4% YoY, with the majority of subsidiaries reporting bottom-line growth during the year,” he noted.

The founder also announced that the group’s capital increase is expected to significantly de-risk its financial position, as it will transform around $240 million of debt into equity.

On his part, Hisham El-Khazindar, Qalaa Holdings Co-Founder and Managing Director, stated: “I am pleased to announce that as of 20 December 2024, ERC has successfully finalized its senior and subordinated debt restructuring, and the company has recently completed a repayment of $157.50 million in June 2025.”

“On that front, ERC’s current net senior debt amounts to $228 million, and the company remains on track to settle its senior debt ahead of schedule. We remain completely committed to reducing Qalaa’s risk levels and maintaining a healthy financial position going forward,” added El-Khazindar.