Cairo – Mubasher: Canal Shipping Agencies has posted a 116.8% year-on-year leap in its net profits for the first quarter of fiscal year 2019/2020.

The company generated EGP 128.4 million ($7.97 million) in net profit during the three-month period ended last September, compared with EGP 59.2 million in the same period last year, a statement to the Egyptian Exchange (EGX) showed on Thursday.

This was ascribed to the growing return on investments in both shipping firms Port Said Container & Cargo Handling and Damietta Container & Cargo Handling.

Meanwhile, Revenues fell to EGP 16.22 million over the three months to September, compared with EGP 32.6 million.

It is worth noting that Canal Shipping posted a net profit of EGP 225.54 million over fiscal year 2018/2019, slipping from EGP 271.16 million in fiscal year 2017/2018.