Suez Canal revenues jump 8.9% in April YOY
A ship is crossing Suez canal - YOUM7 (Archive)

CAIRO: Suez Canal revenues rose 8.9 percent to hit $442.4 million in April, compared to a total of $406.1 million during the same month last year, according to Egypt’s information portal.

Meanwhile, the canal revenues edged up only $500,000 compared to March revenues valued at $441.9 million, according to data from Cabinet’s Information and Decision Support Center (IDSC.)

The canal is one of Egypt’s key sources of income, with ships moving through the canal providing about 10 percent of Egypt’s hard currency.

During the first quarter of 2014, Suez Canal revenues recorded a 2.2 percent increase with a total of $1.21 billion, compared to $1.18 billion in the corresponding period last year, according to an April report from the Suez Canal Authority (SCA).

Suez Canal revenues are expected to reach $5.5 billion as of the end of the current fiscal year in June according to Mohab Mamish, head of the SCA. His comments came during a March meeting with Prime Minister Ibrahim Mahlab, Youm7 reported.

“This would be the highest record ever achieved,” Mamish said, noting that revenues jumped 4 percent between July and February.



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