Red Sea Ports Attained EGP272 mln Revenues In 2011-12FY

 General Mohamed Abdel Kader Gaballah, Head of Red Sea Ports Authority, stated the authority during the fiscal year 2011-2012 achieved EGP 272 million revenues at a surplus of EGP 52 million, more than the revenues targeted by the Ministry of Finance, EGP 220 million.

Every year the Ministry of Finance sets the volume of the revenues expected to be attained by the authority annually for the state’s treasury through state fees. The authority has big 5 ports in three governorates, in addition to renting the lands for a number of projects inside the port.

General Gaballah referred that the authority gets 10% of the surplus’ value for its own interest, which reached EGP 5 million in 2012.

He added that the Ministry of Finance targets EGP 250 million from the Red Sea Ports Authority, during the fiscal year 2013-2014; denying that they can expect achieving the number or not because of the turmoil and the sit-ins that the state is witnessing.