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Egypt: Suez Canal revenues rose 34% to record highs in FY2022/2023

Friday, 23 June 2023 17:14
Egypt: Suez Canal revenues rose 34% to record highs in FY2022/2023

(Ecofin Agency) - Suez Canal is one of the main foreign reserves and income sources for Egypt. In the 2022/2023 fiscal year, its revenues reached an "all-time high", according to the Canal Authority in charge of its management.

Revenues from Egypt's Suez Canal rose by 34.2% in the 2022/2023 fiscal year, the Suez Canal Authority (SCA) reported on Wednesday, June 21.

The said revenues reached $9.4 billion, compared with $7 billion in 2021/2022. According to Oussama Rabie, Chairman of the Suez Canal Authority, this performance is due to the conflict in Ukraine, as well as SCA's ongoing development and logistics projects.

According to the executive, over 25,000 ships carrying 1.5 billion tons of cargo transited the canal over the said period, the highest in SCA’s history.

He announced that SCA plans to offer a 20% stake of its subsidiary Canal Rope, in the framework of the Egyptian government’s asset monetization program. The executive, which expects revenues to rise by 35-50%, nevertheless adds that none of  SCA's assets will be privatized, leased, sold, or offered since they are owned by the Egyptian population. 

Suez Canal is one of the North African country's main sources of national income and foreign exchange reserves. It currently captures 12% of world trade volume but SCA believes it will pass the 15% mark within two years. 

Charlène N’dimon (intern)

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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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