Cairo – Mubasher: Canal Shipping Agencies achieved net profits of EGP 328.4 million in fiscal year 2019/2020, up by 46% year-on-year (YoY) from EGP 225.5 million.

In the meantime, the company’s revenues retreated to EGP 55.5 million in the 12-month period ended on 30 June, compared to EGP 86.8 million a year earlier, according to a bourse disclosure on Wednesday.

The profit growth was ascribed to higher return on investments from Port Said Container and Cargo Handling Company and Damietta Container and Cargo Handling Company.

During the first nine months of FY19/20, Canal Shipping Agencies reported net profits EGP 245.39 million, up from EGP 177.37 million in the year-ago period.