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Suez Canal revenues hit EGP 60.5bn in 11M

Suez Canal revenues hit EGP 60.5bn in 11M
Tax revenues from Suez Canal amounted to EGP 34.2 billion

Cairo – Mubasher: Egypt’s Suez Canal reported a 27.7% year-on-year increase in its revenues during the first 11 months of fiscal year 2018/2019.

Tax and non-tax revenues from Suez Canal amounted to EGP 60.5 billion from July 2018 to last May, compared to EGP 47.37 billion in the year-ago period, data released by the ministry of finance showed.

Year-on-year, tax revenues from Suez Canal amounted to EGP 34.2 billion in the 11-month period ended 31 May from EGP 28.16 billion.

Additionally, non-tax revenues from Suez Canal registered EGP 26.3 billion in the July-May period of FY18/19, compared to EGP 19.21 billion in the corresponding period a year earlier.

During the first 11 months of FY18/19, Egypt’s tax revenues rose to EGP 613.38 billion from EGP 519.49 billion in the prior-year period.

The North African nation’s tax revenues accounted for 80.2% of total revenues which hit EGP 764.6 billion from July 2018 to last May, compared to EGP 639.1 billion in the same period a year ago.