Egypt's Suez canal reports record high $5.585 billion annual revenue

Egypt's revenue from the Suez Canal for the 2017-2018 financial year rose 11.5 percent to a record high $5.585 billion (4.20 billion pounds), the canal authority said in a statement on its website on Sunday. Revenue a year earlier was $5.008 billion, it said. Egypt's fiscal year runs from July 1 to the end of June. The authoriy announced on Saturday increased revenue in May, and predicted a record yearly figure, attributing this to increased international trade and improvements in the shipping industry. Egypt under President Abdel-Fattah El-Sisi invested in an expansion of the Suez Canal which began in 2014.