Canal Shipping posts 51% YoY profit hike in 9 months

Canal Shipping Agencies (CSAG) has reported a 51% year-on-year (YoY) increase in net profits after tax during the first nine months of the fiscal year (FY) 2022/2023, recording EGP 216.856 million, compared to EGP 143.422 million, according to financial indicators filed to the Egyptian Exchange (EGX) on May 21st.

Revenues rose 2% YoY to EGP 58.526 million from July 1st 2022 until March 31st 2023, compared to EGP 57.426 million in the same period 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.

The company operates four agencies, namely Aswan Shipping Agency, Assuit Shipping Agency, El Menia Shipping Agency, and Damanhour Shipping Agency.