Suez Canal Economic Zone records robust revenue financial growth, reaching USD111.93M
Date
3/31/2024 3:42:19 AM
(MENAFN) The Suez Canal Economic Zone has announced robust financial results for the fiscal year 2023-2024, with revenues reaching 5.3 billion Egyptian pounds (USD111.93 million) up to February 29. This figure marks a notable increase of 54 percent compared to the previous fiscal year's revenues, which amounted to 3.45 billion pounds until February 2023. The achievement underscores the region's growing economic significance and its role as a key contributor to Egypt's economic development.
During the quarterly meeting of the District Board of Directors for the fiscal year 2023-2024, discussions centered on various pertinent topics, including the Authority's financial performance and promotional strategies. Of particular note was the review of the Authority's financial standing and promotional efforts from July 2023 to February 2024.
Walid Gamal El-Din, Chairman of the Authority, provided insights into the region's financial situation during the presentation. As of February 2024, the Suez Canal Economic Zone had recorded net profits totaling 3.74 billion pounds, reflecting a significant uptick of 57 percent compared to the profits reported in February 2023, which stood at 2.38 billion pounds. This impressive growth in profitability underscores the Zone's resilience and capacity for generating sustainable economic gains.
However, Egyptian President Abdel Fattah El-Sisi noted last February that revenues from the Suez Canal, a vital global shipping lane, had experienced a decline of "between 40 and 50 percent" due to events in the Red Sea. Despite this challenge, the Zone's strong financial performance signals its ability to navigate through external disruptions and maintain a trajectory of growth and profitability.
The Suez Canal Economic Zone's success in increasing revenues and profits highlights its strategic importance as a key driver of Egypt's economic prosperity. With ongoing efforts to enhance infrastructure, attract investment, and promote trade, the Zone continues to play a pivotal role in advancing Egypt's economic diversification and sustainable development goals.
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