March 3, 2026
Cairo, Egypt – Valmore Holding (VLMR.CA and VLMRA.CA on the Egyptian Exchange, VALMORE.KW on Boursa Kuwait), one of the MENA region’s leading investment companies, announced its consolidated financial results for the quarter and full year ended 31 December 2025.
For the full year, Valmore delivered USD 685 million in revenues, a 24% year-on-year (YoY) increase, driven by strong growth across its diversified portfolio, improved operating conditions, and continued portfolio optimisation. Consolidated EBITDA rose 26% YoY to USD 322 million, while net profit remained stable at USD 186 million, of which USD 161 million is attributable to equity holders. On a quarterly basis, 4Q25 revenues grew 15% YoY to USD 166 million, with net profit increasing 7% YoY to USD 49.4 million.
Chairman Loay Jassim Al-Kharafi commented:
“2025 marked a major step in Valmore Holding’s transformation. The rebrand from Egypt Kuwait Holding to Valmore Holding reflects our ambition to become a regionally anchored, globally oriented investment platform, focused on resilience, international diversification, and sustainable value creation.”
CEO Jon Rokk added:
“Throughout 2025, we focused on strengthening our core platforms, expanding hard-currency revenue streams, and advancing portfolio optimisation. Our results demonstrate the strength and resilience of our high-quality portfolio and operating model.”
Segment Highlights:
- Fertilisers | AlexFert: Revenues of USD 251 million (+18% YoY), EBITDA USD 119 million, net profit USD 86.2 million, supported by strong export urea pricing and improved feedstock availability.
- Petrochemicals | Sprea Misr: Revenues USD 177 million (+33% YoY), net profit USD 33.7 million, driven by market share expansion and export growth.
- Utilities | NatEnergy: Revenues USD 75.4 million (+20% YoY), net profit USD 25.2 million, growth supported by higher installations and residential connections.
- Utilities | Kahraba: Revenues USD 63.5 million (+18% YoY), net profit USD 8.47 million, supported by higher distribution volumes.
- Oil & Gas | ONS: Revenues USD 61.3 million, net profit USD 33.3 million (+7% YoY), stable production, strong margins, and extended concession agreements.
- NBFS & Diversified: Revenues USD 57.2 million (+112% YoY), net profit supported by portfolio optimisation, asset monetisation, and strong performance from Mohandes Insurance and Bedayti.
2025 also marked strategic milestones, including the commercial ramp-up of the Nilewood plant, expansion of natural gas operations in Saudi Arabia, and Valmore’s first UK investment, Endolys, strengthening the Group’s hard-currency earnings profile.
Looking ahead, Valmore Holding enters 2026 with a streamlined portfolio, enhanced hard-currency exposure, and multiple embedded growth engines. The focus remains on disciplined execution, active capital recycling, and building scalable, high-return businesses that deliver sustainable value to shareholders. A proposed cash dividend of USD 0.045 per share for FY25 is subject to general assembly approval.
About Valmore Holding:
Established in 1997 as Egypt Kuwait Holding, Valmore Holding is a leading investment company in the MENA region with a diversified portfolio across chemicals, building materials, utilities, oil & gas, and non-banking financial services. Dual-listed on the Egyptian Exchange and Boursa Kuwait, Valmore combines strong governance, market insight, and strategic agility to create sustainable long-term value for shareholders.
For full financial statements and reports, visit ir.valmore.com.
