Egypt: SCZone’s revenues up to $18mln in FY21/22

PHOTO

Cairo - The total revenues of the Suez Canal Economic Zone (SCZone) soared by 9% year-on-year (YoY) to EGP 3.41 billion during fiscal year (FY) 2021/2022 from EGP 3.20 billion.

The revenues jumped despite the repercussions of the COVID-19 pandemic and the Russian-Ukrainian crisis, Egypt’s Cabinet cited SCZone report.

Meanwhile, the financial position of SCZone amounted to EGP 33 billion as registered on 30 June 2022, a hike from EGP 18 billion in the year-ago period. The annual leap is attributed to the implementation of some projects and development works within the framework of the Arab Republic’s strategy to expand Egyptian seaports.

Furthermore, SCZone registered a surplus of EGP 2.214 billion during FY21/22, up from EGP 2.212 billion in the previous FY.

Additionally, the SCZone authority’s fixed assets enlarged by EGP 7.50 billion (71%) to EGP 18 billion from EGP 10.50 billion. The authorised capital increased to EGP 200 billion, whereas the paid-up capital reached EGP 14.60 billion.

During the July 2021-June 2022 period, Suez Canal Authority (SCA) generated revenues worth $7 billion, an annual growth of 20.70% from $5.80 billion.

Last July, the Cabinet agreed to establish the Suez Canal Authority (SCA) Fund, which will contribute to the authority’s sustainable development and face current crises amid difficult economic conditions.