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Wednesday, 11 May 2016

Suez Canal Authority reports 11.8% EGP growth in March masking USD declines for the second month

The Suez Canal Authority has refrained from publishing the USD value of its earnings for the second month in a row and reported that EGP revenues grew 11.8% y-o-y to EGP 3.5 bn in March, up from EGP 3.1 bn in February. Based on CBE rate since the last 14% devaluation, March revenues amounted to USD 392.9 mn, which by Al Mal’s calculations, means USD revenues have declined 6.4% y-o-y from USD 420 mn in March of last year. Last Thursday, President Abdel Fattah El Sisi said that the Suez Canal revenues have never dropped, but have grown since the launch of the New Suez Canal, according to Al Mal.

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