Egypt’s Suez Canal reports record high $222.8 mln in FY2019 revenues

Egypt’s revenues from the Suez Canal for the financial year 2018/2019 rose to a record high 3.69 billion Egyptian pounds ($222.8 million), the canal authority’s head said on Saturday.

The Suez Canal Authority’s (SCA) profits registered 2.198 billion pounds during the last financial year, marking an increase of around 35 percent or 568 million pounds, Mohab Mamish added.

“The authority’s board members ratified the financial year 2019/2020 budgeting, at a total of 10.4 billion pounds as the biggest budget, deepening on investment process, a requirement to execute and prepare some areas with infrastructure and utilities,” Mamish said

SCA will soon sign new contracts with some major local and global companies to invest in Ain Sokhna economic zone, aiming to provide new job opportunities for Egyptian youth within the coming two years, he said.

Egypt under President Abdel Fattah al-Sisi invested in an expansion of the Suez Canal which began in 2014, one of the former military commander’s mega-projects designed to revive an ailing economy and restore the country’s place as an important trade hub.