Cairo – Mubasher: Alexandria Container and Cargo Handling Co. has obtained usufruct rights to Commercial Timber Company’s land plot in Alexandria Port through an auction.

The 33,000-square metre (sqm) land plot has been offered at a monthly payment of EGP 70 per sqm for a renewable period of five years with an annual increase of 7%, the company said in a bourse disclosure on Sunday.

Moreover, the company will also pay a cleaning fee of EGP 924 per day as well as storage expenses of EGP 9.8 per each 20-feet container in the first week and EGP 13 after the first week.

The land plot has a storage capacity of about 3,300 containers.

During the first half (H1) of fiscal year 2020/2021, the company reported net profits of EGP 625.24 million, down from EGP 736.06 million in the year-ago period.