Wednesday 28 June 2023
Last update on Wednesday, June 28, 2023 At 11:54 AM
The Suez Canal in Egypt is one of the country's main sources of national income and foreign currency reserves. For the 2022/2023 financial year, these revenues reached a “historic record”, according to the Canal Authority.
Revenues from the Suez Canal in Egypt increased by 34.2% in the financial year 2022/2023, the Suez Canal Authority (SCA) learned on Wednesday (June 21).
Channel revenue reached $9.4 billion, compared to $7 billion in fiscal 2021/2022. According to Osama Rabie, Chairman of the Suez Canal Authority, this performance is due to the conflict in Ukraine as well as SCA’s ongoing development and logistics projects.
He also added that more than 25,000 ships carrying 1.5 billion tons of goods passed through the canal over the period studied. “The highest record in SCA history,” he bid.
As part of the Egyptian government’s IPO program, SCA is set to take a 20% stake in Canal Rope, a subsidiary of the Authority. According to Mr. Rabie, the total assets of SCA will not be privatized, leased, sold or gifted, as they are public assets. He also hopes the channel’s revenue will increase by 35-50% in the next fiscal year.
The Suez Canal is one of the main sources of national income and foreign currency reserves for this North African country. Capturing 12% of the volume of world trade, the SCA plans to pass the 15% mark within two years.
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