Canal Shipping Agencies (CSAG) reported an 87% year-on-year (YoY) increase in net profits after tax during fiscal year (FY) 2023/2024, according to the company’s financial statement filed to the Egyptian Exchange (EGX) on August 11th.
The company achieved a net profit after tax of EGP 683.624 million in the 12-month period ended June 30th, compared to EGP 364.899 million in FY 2022/2023.
Furthermore, the company generated revenues of EGP 101.577 million, surging by 25% from EGP 81.325 million a FY earlier.
Canal Shipping is a subsidiary of the Holding Company for Maritime and Land Transport that provides marine port services and shipping services to international commercial fleets.
Canal Shipping Agencies Co SAE is an Egypt-based public shareholding company that provides marine port services and shipping services to the international commercial fleets, as well as tourism and travel related services. The company operates four agencies, namely Aswan Shipping Agency, Assuit Shipping Agency, El Menia Shipping Agency, and Damanhour Shipping Agency.