Cairo – Mubasher: The financial indicators of Canal Shipping Agencies on Wednesday showed a 95% year-on-year rise in profits for the first quarter of fiscal year 2017/2018 due to higher revenues.
Net profit amounted to EGP 35.7 million in the three-month period ended September, versus EGP 18.3 million in the prior-year period, the firm highlighted in a filing to the Egyptian Exchange (EGX).
Sales increased to EGP 24.1 million in Q1 of FY17/18 from EGP 14.1 million in the corresponding period of 2016.
The EGX-listed company attributed the increase in net profit to the growth in investment revenues in Damietta Container and Cargo Handling Co and Port Said Container & Cargo Handling Co.
The company achieved profits of EGP 152 million in FY16/17 from EGP 54.6 million in FY15/16.
By 2:28 pm Cairo time, Canal Shipping Agencies’ stock shed 1.20% to EGP 13.94.
