By: Islam Fadl
Cairo – Mubasher: Egypt’s Suez Canal reported a 45.55% year-on-year hike in its revenues during the first nine months of fiscal year 2018/2019.
Tax and non-tax revenues from Suez Canal soared by EGP 15.651 billion to EGP 50.007 billion from July 2018 to last March, compared to EGP 34.356 billion in the year-ago period, data released by the ministry of finance showed.
Year-on-year, tax revenues from Suez Canal amounted to EGP 26.2 billion in the nine-month period ended 31 March, rising by EGP 6.038 billion, or 29.95%, from EGP 20.162 billion.
Meanwhile, non-tax revenues from Suez Canal surged by EGP 9.604 billion, or 67.62%, to EGP 23.807 billion in the first nine months of FY18/19, compared to EGP 14.203 billion in the same period a year earlier.
Suez Canal Authority (SCA) aims to increase its revenues by $1 billion, chairman of SCA said, noting that revenues of $600 million were registered in the first year of operation.
EGP-denominated revenues from Suez Canal grew by 4.2% to EGP 76.14 billion during the July-March period of FY18/19, compared to EGP 73 billion in the corresponding period of FY17/18, he added.
Furthermore, Suez Canal’s dollar-denominated revenues increased by $152 million, or 3.7%, year-on-year to $4.3 billion in the nine-month period of FY18/19 from $4.1 billion, according to a statement released by the cabinet.
