RIYADH: The Suez Canal Economic Zone has announced a 55 percent increase in revenues for the first five months of the current fiscal year, highlighting a period of accelerated growth and major investment attraction.
During a board meeting chaired by the Chairman of the General Authority for the SCZONE Walid Gamal El-Din, the organization revealed its total revenues reached 6.25 billion Egyptian Pounds ($134 million) for the period from July 1 to Nov. 30, marking a jump from the 4 billion pounds recorded in the same period the previous fiscal year. The revenue also surpassed budget forecasts by 43 percent.
Egypt’s fiscal year runs from July 1 to June 30, with budgets and financial reports often referencing the year in which the period ends.
According to an official statement, the chairman said the increase in revenues reflects the success of the SCZONE’s promotional efforts.
He explained this financial performance is a direct result of maximizing the benefit from the industrial, logistical zones, infrastructure, and utilities and the recent commencement of actual operation of a number of terminals and berths in its ports.
