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Tuesday, 12 November 2019

Red Sea Ports revenues are 90% more than target in FY 2017-18

MENA , Ahram Online , Monday 17 Sep 2018
An Egyptian Red Sea Port
Ships at one of Egypt's Red sea ports (Photo: Al-Ahram)
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Revenues from the Red Sea Ports Authority reached EGP 2.264 billion - 90% more than the initial target - during 2017-2018 fiscal year.

The authority's net profit stood at EGP 855 million, 50% more than the target. 

Hisham Abu Senna, the chairman of the authority, attributed the increase in revenues to a strategy that made optimal use of all potentials at the Red Sea ports, including decisions made to develop resources. 

Abu Senna attributed the increase in revenues partly to the rise in number of ships that transited the Suez Canal, as well as the volume of cargo traded at different Red Sea ports.

Red Sea ports include Safaga, Hurghada, Sharm El Sheikh, Nuweiba and Suez.

An investment plan worth EGP 431 million was implemented in Safaga, Hurghada and Nuweiba ports, with the private sector managing business and services projects in an attempt to benefit from its expertise, and to provide job opportunities in port governorates.

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