Suez Canal revenues jump 7% in May
The Suez Canal - REUTERS

CAIRO: Suez Canal revenue jumped 7 percent, totaling $468.8 million in May, compared to $438.1 million in the same month last year, according to the Suez Canal Authority (SCA)’s report on Sunday.

Revenues from the waterway jumped 8.9 percent to $442.4 million in April, compared to $ 406.1 million in the same month last year.

According to the report, revenues totaled $4.86 billion in the period from July to May, marking a 5 percent increase from a total of $4.622 billion year-on-year.

During his meeting with Prime Minister Ibrahim Mahlab in March, head of the SCA Mohab Mamish said revenues are expected to reach $5.5 billion by the end of the current fiscal year in June, reported Youm7.

The canal is one of Egypt’s key sources of income, 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 same  period last year, according to SCA’s April report.

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

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