Valmor Holdings Raises Revenue by 10% in First Nine Months of 2026; Share of Net Profit from 'Big Five' Subsidiaries Grows by 22%

Valmore Holding Group announced today its consolidated financial and operational results for the nine-month period ended September 30, 2026. Valmore Holding Group is a leading investment company in the Middle East, North Africa, and Europe markets (listed as VLMR.CA and VLMRA.CA on the Egyptian Exchange | VALMORE.KW on the Kuwait Stock Exchange).

On a consolidated basis, the Group’s revenues increased by 9.51% year-on-year to reach $568 million in the first nine months of 2026, accompanied by a 2.30% rise in gross profit to $182 million. Operating profit before tax, interest, depreciation, and amortization stood at $218 million, representing a margin of 38%, while the Group’s net profit reached $109 million, of which $88.4 million was attributable to shareholders of the parent company.

Dollar-denominated revenues rose by 15.7% year-on-year to $294 million, accounting for 51.7% of the Group’s total revenues during the first nine months of 2026. Alexandria Fertilizers contributed 74.1% of the total dollar revenues during the period.

Regarding the third quarter, revenues reached $176 million, up 2.86% year-on-year. Operating profit before tax, interest, depreciation, and amortization was $52.2 million, while the Group recorded a net profit of $22.0 million, of which $18.0 million was attributable to shareholders of the parent company.

The Group continued to achieve strong profitability during the first nine months of 2026, despite a higher comparison base that included non-recurring gains of $49.5 million during the same period last year. Excluding these items, along with non-recurring items amounting to $6.46 million during the first nine months of the current year, the attributable net profit to shareholders of the parent company increased by 20.2% year-on-year.

Regarding the Group’s five largest subsidiaries—Alexandria Fertilizers, Spry Egypt, NAT Energy, Kahraba, and North Sinai Marine—the Group’s share of their combined net profits rose by 22.4% year-on-year to $142 million during the first nine months of 2026, alongside a 19.8% growth in their consolidated revenues to $540 million.

Louai Jasim Al-Kharafi, Chairman of the Board of Directors of Valmore Holding Group, stated that the third quarter of 2026 laid the foundation for the Group’s investment portfolio to pass a real test successfully. With urea export prices declining from their exceptional levels seen in the second quarter, the Group’s subsidiaries serving diverse markets drove the Group’s performance forward. He added that Valmore was designed so that its subsidiary investments offset each other as conditions change, a principle clearly demonstrated during the third quarter.

Al-Kharafi explained that this performance is based on two types of investments. The Group’s investments in the export-oriented chemicals sector form the core pillar for generating dollar revenues. Alongside these are the Group’s investments supported by long-term concession agreements in natural gas distribution, electricity, and natural gas exploration and production activities. These investments increased their contribution to approximately 34% of the Group’s revenues during the third quarter, compared to approximately 31% during the same quarter last year, providing the Group with greater visibility regarding its long-term revenues amid fluctuating commodity price cycles.

Al-Kharafi highlighted a significant step in the group’s journey to develop its international investments, noting that IECOM, which distributes natural gas in Saudi Arabia under the name Masdar Energy, is currently generating long-term dollar revenues for the group under a long-term concession agreement. Alongside the Indolis project in the UK, which is progressing toward commissioning, these initiatives represent the next phase of Valmor’s growth outside the Egyptian market.

Al-Kharafi added that the group’s strategy has proven resilient during a year marked by volatility and regional challenges, positioning the group to achieve future growth as markets return to normal. He expressed confidence in the strength of the group’s investments, the efficiency of its management teams, and the group’s ability to translate this performance into sustainable value for shareholders.

Concluding his remarks, Al-Kharafi expressed his pleasure at welcoming Nasser Al-Kharafi as Chairman of the Board of Directors of Valmor Holding, following her appointment during a board meeting held on November 12, 2026. He affirmed his pride in his tenure as chairman and his continued service on the board alongside her. He noted her deep knowledge of the group’s operations and expressed anticipation for her support, along with that of the board, in building upon the progress achieved by the group.

John Rock, Managing Director of Valmor Holding Group, clarified that the first nine months of 2026 witnessed tangible growth across the group’s subsidiaries. In the chemicals sector, Alexandria Fertilizers successfully capitalized on exceptional urea export prices in the first half of the year. As prices returned to more moderate levels in the third quarter, the elimination of export duties effective August 1 helped mitigate the impact on the company’s export profit margins. At Cypria Egypt, key products continued to show strong recovery in sales volumes compared to the previous quarter, bringing nine-month revenues back to the level of the same period last year, following a challenging first half on established export routes to Gulf markets.

Rock pointed out that gas and electricity distribution projects offer some of the clearest growth avenues within the investment portfolio, driven by continuous network expansion and growing industrial demand. Electricity Company (Kahraba) recorded the fastest net profit growth rate among the “Big Five” subsidiaries, with its electricity distribution activity contributing more than half of its revenues in the third quarter. NAT Energy continued expanding its networks through housing projects under the New Urban Communities Authority and via the “Hayah Karima” (Decent Life) initiative, establishing new industrial supply networks in the new city of 6th of October and Borg El Arab. Meanwhile, North Sinai Marine continued to lead the investment portfolio in terms of profit margins, achieving a net profit margin of 54% during the period.

Regarding new investments, Rock noted that the Indolis project has completed the installation of reactors and the cutting unit, with operational tests expected to begin soon, adding a new source of dollar revenues for the group. Meanwhile, Masdar Energy is expected to serve approximately 19 factories by the end of the year.

As the final quarter of the year begins, Rook outlined the Group’s priorities in managing operations at Alexandria Fertilizers Company amid current energy supply challenges, sustaining the strong performance of Spraya Egypt, expanding the distribution capabilities of Kahraba, and growing the customer connection base of NAT Energy, as well as advancing Phase IV works at North Sinai Marine to prepare for the expected start of production in early 2027.

Rook expressed his gratitude to Louai Al-Kharafi for his contributions during his tenure as Chairman of the Board, noting that his support and advice had a profound impact on him and the team during a pivotal transformation phase in the Group’s journey, and he conveyed his pleasure at continuing his membership on the Board. Rook also congratulated Hiba Nasser Al-Kharafi on her appointment as Chairman of the Board, expressing his anticipation to work closely with her and the Board to achieve the priorities he outlined.

To view the full financial results report and obtain an electronic copy of the Company’s consolidated and independent financial statements for the nine-month period ended September 30, 2026, please visit the website at the following link: ir.valmore.com.