Cairo –  Egypt’s Suez Canal has witnessed a 23% year-on-year (YoY) hike in revenue to $657 million last May, Osama Rabie, Chairman of the Suez Canal Authority (SCA), recently announced.

Rabie pointed out that the canal recorded the highest monthly revenue increase in its history, impacted by the Russian invasion of Ukraine which led to gas and oil supplies passing through the canal to Europe from the Gulf.

It is worth noting that during the first quarter (Q1) of 2022, the canal’s revenues reached $1.69 billion, higher by 20% than $1.40 billion in Q1-21.

In 2021, the revenues surged by 12.80% to $6.30 billion, compared to EGP 5.60 billion in 2020.

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