El Ahram printing losses swell to US$1.93M as revenues slide 30% in Egypt

EGYPT – El Ahram for Printing and Packing has reported net losses of EGP 96.763 million (approximately US$1.93 million) for 2025, up from EGP 21.229 million (approximately US$423,000) in 2024, as revenues declined to EGP 19.288 million (approximately US$384,000) from EGP 27.733 million (approximately US$553,000).

Loss per share surged to EGP 11.63 from EGP 2.55. In the first half of 2025 alone, the company reported an 800 percent year-on-year increase in net losses after tax, reaching EGP 92.526 million (approximately US$1.84 million) compared to EGP 10.276 million (approximately US$205,000) in H1 2024.

A Troubling Trajectory

The company, established in 1993, manufactures and prints packaging products including cardboard, paper, plastic, and multi-layered materials.

The 30 percent revenue decline from EGP 27.7 million to EGP 19.3 million suggests the company is losing market share or facing reduced demand from key customers.

The near-quadrupling of net losses far outpaces the revenue decline, indicating that cost pressures in raw materials, energy, or logistics are squeezing margins.

What Went Wrong

The packaging industry in Egypt has faced significant headwinds from currency devaluation, inflation, and supply chain disruptions.

The Egyptian pound has lost more than half its value against the dollar since 2022, driving up the cost of imported raw materials such as paper pulp, plastic resins, and printing inks.

Energy price increases have also raised manufacturing costs. For a company like El Ahram, these pressures have proven difficult to pass through to customers.

The 800 percent increase in H1 losses is particularly alarming, suggesting that financial deterioration accelerated dramatically in the second half of 2025 despite the first half already showing severe stress.

Implications for the Packaging Sector

El Ahram’s results serve as a warning for Egypt’s packaging industry. If a company with nearly three decades of experience is bleeding cash at this rate, smaller or less diversified converters may face even greater pressure.

The divergence between revenue decline (30 percent) and loss increase (356 percent) indicates that cost inflation is the primary driver.

Without relief on raw material prices or energy costs, more packaging companies may follow El Ahram into the red.

When Losses Outrun Revenue

A 30 percent drop in revenue is painful. A 356 percent jump in net losses is catastrophic. El Ahram’s results show what happens when cost inflation meets pricing power that does not exist.

For Egypt’s packaging sector, the question is not whether more companies will struggle, but how many will survive.

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