Suez Canal annual revenue hits record $9.4bln

Suez Canal annual revenue hits record $9.4bln

CAIRO: Suez Canal revenue surged by 35 percent to $9.4 billion in FY 2022/23, up from $7 billion the previous year, Suez Canal Authority (SCA) Chairman Osama Rabie revealed. During a press conference on Wednesday, Rabie attributed the Suez Canal's revenue increase to factors such as the crisis in Ukraine and ongoing development projects by the SCA, among other factors. Rabie announced that the SCA is preparing to offer a 20 percent stake in Canal Rope on the Egyptian Exchange (EGX) as part of Egypt's government IPO programme. According to Ahram Online, he stated that the Suez Canal Holding Company was established to facilitate the offering. Rabie expects the offering of Canal Rope, a highly profitable company, to generate additional revenue for the canal.