Investor Presentaiton
ERC
Company Overview
ERC
c.13.1%
owned by QH
The Egyptian
Refining Company is
a state-of-the-art
USD 4.4 bn
greenfield second-
stage refinery
Reached
financial close
in June 2012
Reached full
production in
November
2019
Starting
January
2020, ERC
has been
recognized
as an
operational
asset.
Total debt of
USD 2.7 bn
and total
equity of
USD 1.5 bn
25-year
supply & off-
take
agreement
with EGPC at
international
ERC today:
In FY21, ERC refined total feedstock of c. 3,802.6 thousand tons, including 3,551.9 thousand tons of atmospheric
residue. During the year, ERC supplied c.3,298.6 thousand tons of refined product to the Egyptian General
Petroleum Corporation (EGPC), and approximately c.429.3 thousand tons of pet coke and 74.6 thousand tons of
Sulphur to cement and fertilizer companies, respectively.
Reformate
Fuel Oil
Jet Fuel
Diesel
Total Supplied
to EGPC
prices
Among the
largest-ever
non-recourse
project
finance
transactions
in Africa
Designed to
produce 4.7
MTPA of
products,
including 2.3
MTPA Euro V
diesel
The project will
reduce Egypt's
present-day
imports of diesel by
some 30%. This
comes as the
Government of
Egypt is redefining
its energy policy
ERC Financials
ERC Consolidated
Revenues EGP mn
21,558.8
28,501.8
Product LPG
Light
Naphtha
FY20
Quantity 125,249
281,569
512,765
468,928
147,635
2,420,618
3,956,765
(tons)
FY21
Quantity 106,269
(tons)
212,880
425,017
370,782
327,249
1,671,700
3,113,897
Change
-15%
-24%
-17%
-21%
122%
-31%
-21%
Lower volumes reflect management's decision to cease tolling crude oil at Cairo Oil Refining Company for a
portion of its inputs to increase ERC's gross refining margin. The decision, along with rising refined oil product
prices, resulted in a significant improvement in gross refining margin and hence profitability. It is worth noting
that in early 2022, ERC's gross refining margin improved substantially as a result of the Russo-Ukrainian war,
surpassing pre-COVID-19 levels.
12
* Calculated as EBITDA before non-recurring items.
FY20
FY21
ERC Consolidated
EBITDA* | EGP mn
(141.4)
2,290.7
FY20
༼ལ
FY21
ΟΛΙΛΛ
HOLDINGS
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