Qalaa’s revenue fell to EGP 25.1 billion in 2Q25, largely impacted by the drop in revenue witnessed at ERC, as a consequence of a pre-planned 32-day shutdown for maintenance, as well as the impact of the drop in gross refining margins. As a result, the Group’s consolidated bottom line closed the quarter with a net loss of EGP 1.2 billion. It’s worth noting that gross refining margins have recovered substantially in 3Q25 and 4Q25, leading to improved results, with ERC operating above its rated capacity. Worth noting, as well, that excluding ERC, Qalaa’s revenue grew by 48% y-o-y to EGP 5.1 billion and EBITDA expanded by 8% y-o-y to EGP 1.1 billion. In November 2025, QHRI wrapped up the transfer of the newly issued shares related to the Qalaa Holdings debt-purchase deal, marking the full closure of the transaction, delivering remarkable financial returns to participants and bolstering the Group’s overall financial position. (Qalaa Holdings SAE) – Worldnews.com