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Friday, 15 November 2019

Egypt's Suez canal reports record high $5.585 billion annual revenue

Reuters , Sunday 17 Jun 2018
Suez Canal
File Photo: People sail on a boat near a container ship crossing the Gulf of Suez towards the Red Sea before entering the Suez Canal, near El Ain El Sokhna in Suez, east of Cairo, Egypt, March 17, 2018. Picture taken March 17, 2018 (Photo: Reuters)
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Egypt's revenue from the Suez Canal for the 2017-2018 financial year rose 11.5 percent to a record high $5.585 billion (4.20 billion pounds), the canal authority said in a statement on its website on Sunday.

Revenue a year earlier was $5.008 billion, it said.

Egypt's fiscal year runs from July 1 to the end of June.

The authoriy announced on Saturday increased revenue in May, and predicted a record yearly figure, attributing this to increased international trade and improvements in the shipping industry.

Egypt under President Abdel-Fattah El-Sisi invested in an expansion of the Suez Canal which began in 2014. 

*This story was edited by Ahram Online

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