Canal Shipping Agencies’, Egypt profit grows 89% in H1 FY 2023/24

Canal Shipping Agencies’, Egypt profit grows 89% in H1 FY 2023/24

Canal Shipping Agencies (CSAG) reported an 89% year-on-year (YoY) hike in net profit after tax for the first half (H1) of the fiscal year (FY) 2023/2024, according to the company’s unaudited financial indicators filed to the Egyptian Exchange (EGX).

Net profit after tax reached EGP 547.258 million in the six-month period ended December 31st 2021, compared to a profit of EGP 289.445 million in the same period of FY 2022/2023.

The company’s revenue grew by 42% YoY to EGP 50.775 million in H1 FY 2023/2024 from EGP 35.704 million.

Canal Shipping is a subsidiary of the Holding Company for Maritime and Land Transport that provides marine port services and shipping services to international commercial fleets.

The company operates four agencies, namely Asswan Shipping Agency, Assuit Shipping Agency, El Menia Shipping Agency, and Damanhour Shipping Agency.

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