Suez Canal for Technology Settling’s consolidated profits up 33% YoY in Q2 FY2023/24

Suez Canal for Technology Settling’s consolidated profits up 33% YoY in Q2 FY2023/24

Suez Canal Company for Technology Settling (SCTS) reported a 32.6% year-on-year (YoY) increase on consolidated net profits after tax attributable to the parent company for the second quarter (Q2) of fiscal year (FY) 2023/2024, according to the financial statement filed to the Egyptian Exchange (EGX) on January 16th.

Net profits grow to EGP 543.556 million in the three-month period from EGP 409.842 million over the same period of FY 2022/2023.

Revenues went up to EGP 737.277 million in the September-November period of 2023 from EGP 572.512 million during the corresponding period a year earlier.

The company garnered EGP 716.121 million in standalone net profits after tax in Q2 FY 2023/2024, compared to EGP 601.059 million in Q2 of last FY.

Meanwhile, standalone revenues rose to EGP 685.630 million from EGP 584.792 million.

Incorporated in 1996, the company offers IT educational services, establishes, manages, and operates activities for technology development zones, and scientific labs, in addition to research and training centers, as well as the provision of technology-related services. It has investments in October 6 University.

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