Canal Shipping Agencies FY20/21 profit drops 39% in adjusted financials

The revenues fell

Cairo – Mubasher: Canal Shipping Agencies recorded net profits of EGP 200.19 million in fiscal year (FY) 2020/2021, down by 39% year-on-year (YoY) from EGP 328.9 million, the adjusted unaudited financial results showed.

The revenues fell to EGP 53.95 million in the year ended 30 June, compared to EGP 56.12 million a year earlier, the company said in a bourse disclosure on Wednesday.

The profit drop was ascribed to lower return on investments from Damietta Container and Cargo Handling Co and Port Said Container and Cargo Handling Co.

During the first nine months of FY20/21, Canal Shipping Agencies posted net profits of EGP 153.62 million, down from EGP 245.39 million in the corresponding period a year earlier.

Source: Mubasher

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