Suez Canal Economic Zone’s FY202017/18 profits rise 26%

Egypt’s Suez Canal Economic Zone (SCZone) posted a 26 percent surge in its profits to 1.631 billion Egyptian pounds ($92.4 billion) during the financial year 2017/2018, chairman Mohab Mamish said on Sunday.

Profits earlier stood at 1.299 billion pounds during the financial year 2016/2017, Mamish added.

“SCZone achieved revenues worth 3.132 billion pounds during the financial year 2017/2018 from 2.756 billion pounds a year earlier, marking a 14 percent increase,” he said.

The revenues of Suez Canal’s ports climbed to around 2.389 billion, compared with 2.368 billion, Mamish said.

In 2015, Egyptian President Abdel Fattah al-Sisi issued a decree establishing an economic zone in Suez Canal.