Suez Canal achieves highest annual revenue in its history at $7B - News Summed Up

Suez Canal achieves highest annual revenue in its history at $7B


CAIRO - 4 July 2022: The Egyptian Suez Canal achieved its highest annual revenue in its history during the fiscal year 2021/2022 at $7 billion, compared to $5.8 billion in 2020/2021, marking an increase of 20.7 percent, according to the Head of the Suez Canal Authority (SCA), Osama Rabie. Rabie attributed the big leap in the revenues to the increase in the number and tonnage of ships transiting the canal during the fiscal year 2021/2022. Rabie said in a statement that "the navigation statistics in the canal during the fiscal year 2021/2022 recorded new and unprecedented records throughout the history of the canal, achieving the highest annual net tonnage for a fiscal year of 1.32 billion tons, and the highest annual financial revenue of $7 billion, surpassing all numbers that have been recorded before. Moreover, the total net tonnage crossing the canal hiked 10.9 percent, 130 million tons, amounting to 1.32 billion tons, compared to 1.19 billion tons during the fiscal year 2020/2021. The fiscal year in Egypt begins on the first of July of each year and ends on June 30 of the following year.


Source: Egypt Today July 04, 2022 14:29 UTC



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