🔔 Good morning, and welcome to Telda Lens — your daily pulse on Egypt’s markets.
Today: Qalaa and its EGX-listed subsidaries Taqa Arabia and Ascom have reported their 3Q earnings. We also have some news from Orascom Construction and “Al Khair River”
Market overview
EGX Pulse
🔔 EGX30 ended -1.4% by market close at 46,930 points, the EGX70 rose 1.1% to 12,765 points, and the EGX100 rose 0.8% to reach 17,811 points.
💸 The number of transactions reached 168,316 spread across 2,330,330,677 stocks leading to a turnover of EGP 7.674 billion.
🏷️ International investors were the only net sellers.
📈 Top gainers for the market as a whole included SODIC (+10.1%), Gulf Canadian Real Estate Investment Co. (+8.1%), and Abou Qir Fertilizers (+8.1%).
📉 Top losers for the market included Obour Land For Food Industries (-4.8%), CIB (-4.3%), and Egypt Aluminum (-3.3%).
⬆️ Top gainers for EGX30 included Abu Qir Fertilizers (+8.1%), Valmore Holding -EGP (+4.2%), and Heliopolis Housing (+3.9%).
⬇️ Top losers included CIB (-4.3%), Egypt Aluminum (-3.3%), and Juhayna (-3.0%).
Other Important Stats:
🧈 24K Gold reached EGP 7,757 per gram, down 2% day-on-day and down 2.3% month-on-month.
💲 The USD reached EGP 52.63 at the National Bank of Egypt.
Corporate corner
Qalaa Holding reports a 29% YoY drop in profit for 3Q
Qalaa Holdings (CCAP) reported a consolidated net income after minority interest of EGP 81.4 million for 3Q 2025, down 29% year-on-year compared with EGP 114.5 million in 3Q 2024, according to its latest earnings release. Management noted that results were impacted by an interest provision of EGP 501.1 million related to debt settlement agreements with local banks, which is expected to be reversed upon completion of all terms.
Consolidated revenue reached EGP 38.3 billion in 3Q 2025, up 2% from EGP 37.6 billion in 3Q 2024
Subsidiary highlights:
The Egyptian Refining Company: Reported revenue of EGP 33.8 billion in 3Q 2025 (largely stable YoY) and a net income of EGP 931.7 million, a significant 437% increase from EGP 173.3 million in 3Q 2024, supported by improved refining margins.
Taqa Arabia (TAQA on the EGX): Reported a net profit of EGP 350 million, a 64% increase year-on-year, fueled by broad-based growth across all its subsidiaries.
Asec Company for Mining “Ascom” (ASCM on the EGX): Reported a net profit of EGP 397.2 million in 3Q 2025, a 142% increase from EGP 163.9 million in 3Q 2024, driven by strong performances at its USD-denominated generators, ACCM and GlassRock.
ASEC Holding: Reported a net profit of EGP 60.2 million, compared with a net loss of EGP 191.3 million in 3Q 2024, largely supported by the strong recovery at Al-Takamol Cement.
Dina Farms Holding: Recorded a net profit of EGP 89.2 million, a 270% increase year-on-year, driven by bottom-line expansion at both Dina Farms and ICDP.
Details for 9M:
For the first nine months of 2025, Qalaa Holdings reported consolidated revenue of EGP 100.6 billion , an 11% decline from EGP 113.3 billion in 9M24. The Group recorded a consolidated net loss after minority interest of EGP 1.2 billion, compared to a net profit of EGP 6 billion in the same period last year.
Going forward:
Management noted that Qalaa will continue driving growth through incremental investments in subsidiaries to expand cashflows and reduce debt-to-cashflow ratios. ERC remains on track to settle its senior debt ahead of schedule, having reduced its principal balance to USD 63 million as of December 2025. Strategic plans are also underway to initiate five IPOs over the coming two years to unlock shareholder value, with National River Port Management Company expected to be the first listing during 2026.
Other important news:
1) Al Khair River For Development Agricultural Investment (KRDI) reported a 13% decline in 2025, accumulating EGP 55.94 million, according to its latest financial report. However, revenues increased to EGP 416.03 million in 2025, up from EGP 274.59 million the previous year.
2) Orascom Construction (ORAS) led a consortium comprising Engie and Aeolus to sign a power purchase agreement with the Egyptian Electricity Transmission Company for a new 900 MW wind farm in Ras Ghareb under a 25-year Build-Own-Operate model, according to a statement. Orascom’s holds a 25% stake in the project and will execute all civil and electrical works, bringing its total wind energy capacity to approximately 1.8 GW when it reaches financial close, which is expected in early 3Q 2026. Construction is planned to begin at the end of the year and full commercial operation to begin by mid-2028.
