MENA’s leading diversified investment holding company grows first-half revenues 13% y-o-y to USD392mn, with hard-currency revenues reaching 57% of the Group total; AlexFert more than doubles second-quarter revenues on a global urea price rally; Sprea posts a 59% sequential revenue recovery; NatEnergy expands its distribution network into the New 6th of October City industrial zone while adding c83.2k new connections over the first half; and Kahraba lifts electricity distribution volumes 40.3% y-o-y in H1’26
by: wael elbrhamy
Valmore Holding Company S.A.E. (VLMR.CA and VLMRA.CA on the Egyptian Exchange; VALMORE.KW on Boursa Kuwait), a leading diversified investment holding company across MENA and Europe, today reported its consolidated financial results for the six month period ended 30 June 2026.
Valmore delivered revenue growth of 13% y-o-y to USD392mn in H1’26, with Group gross profit rising 18.1% y-o-y to USD143mn. Group EBITDA reached USD166mn, with an EBITDA margin of 42%. The Group reported net profit of USD87.5mn, of which USD70.3mn was attributable to shareholders. In Q2’26, revenues grew 25.2% y-o-y to USD226mn, with EBITDA of USD86.5mn, Group net profit of USD46mn and attributable net profit of USD36.1mn.
H1’26 Group EBITDA, net profit and attributable net profit declined against a prior-year base that included USD44.8mn in net non-recurring items. These comprised the divestments of non-core assets, as well as discontinued operations profit from Delta Insurance. Excluding these items, alongside USD3.42mn in net non-recurring items recognised in the current period, attributable net profit grew 46.7% y-o-y in H1’26.
Attributable net profit from Valmore’s five largest subsidiaries, AlexFert, Sprea, NatEnergy, Kahraba and ONS, grew 36.9% y-o-y to USD104mn in H1’26, with all five companies posting y-o-y growth, underscoring the breadth as well as the strength of underlying operating performance across the portfolio. Combined revenues across the five grew 26.0% y-o-y to USD379mn in H1’26 and 55.2% y-o-y to USD218mn in Q2’26. Hard-currency revenues represented 57% of Group revenues in H1’26.
Loay Jassim Al-Kharafi, Chairman of Valmore Holding, commented on the Group’s performance and outlook:
Valmore’s performance in the first half of 2026 provided clear validation of the strategy we set in motion with our repositioning and confirmed the premise behind it: a portfolio built to generate value across market cycles. Against a challenging regional operating environment, our performance demonstrated the resilience this strategy was designed to foster.
The strategy rests on simple architecture. 70% of Group revenue in H1’26 was generated by AlexFert and Sprea, both businesses with established export franchises and significant hard-currency generation capacity. Alongside them sit concession-backed platforms across gas and power distribution as well as upstream production, which together generated 27% of Group revenue during the period. EKACOM, our newest platform in Saudi Arabia, combines both characteristics. It generates hard-currency revenue and carries long-duration revenue visibility, and we expect Endolys to bring those same two qualities to the portfolio once it commences operations.
It is the strategic balance between these platforms that has defined our performance over the first half of this year. That balance is reflected in how we think about capital allocation, which rests on a single principle: capital should be allocated where it compounds value over time, and protected so that it can continue to do so. It is this exercised discipline that has allowed the Group to continue advancing its international platform, in Saudi Arabia as well as in the United Kingdom, without pause or compromise, throughout even a demanding first half of 2026. I remain grateful for the calibre of the management team executing our strategy and the rigour of the governance framework that guides every decision the Board takes, and I thank our shareholders for their continued trust.
Jon Rokk, CEO of Valmore Holding, added regarding the Group’s H1’26 financial results:
The first half of 2026 demonstrated what Valmore’s strategy looks like in execution, and the breadth of it matters as much as the scale. All five of our largest subsidiaries grew attributable net profit, and together they grew it 36.9% y-o-y. Reported Group attributable net profit declined 22.2% y-o-y, entirely because the prior-year base carried gains on the disposal of non-core assets that do not repeat. The underlying operating performance of the portfolio is the better guide to how the business performed over the period.
Behind that performance in the second quarter, operational readiness was reflected. AlexFert captured the strength in export urea pricing as stable natural gas supply allowed the plant to run at full utilisation throughout the quarter. Sprea’s sequential recovery followed a deliberate decision to prioritise margin-accretive sales and diversify the export mix while access to certain Gulf routes remained constrained. Our utilities platforms continued to strengthen through organic growth, which remains the most dependable source of growth in the portfolio.
We also brought cash back to the centre. ONS collected a substantial portion of its outstanding receivables following the government’s settlement of sector arrears and upstreamed part of that cash to the Holding company, supporting the funding of the Group’s ongoing development programme. Heading into the second half of the year, our priorities are unchanged: operational efficiency across the chemicals businesses, expanding our utilities customer base as well as distribution capacity, and advancing the next phase of growth at ONS and our international platforms. The depth of execution delivered in the first half gives us confidence in the Group’s ability to convert its portfolio strategy into durable earnings and cash flow.
Valmore’s standalone and consolidated financial statements and full earnings release for the six month period ended 30 June 2026 are available for download at ir.valmore.com .