Egypt´s Suez Canal posts record-high annual revenue of $9.4bln

Egypt's Suez Canal posted a record-high annual revenue of 9.4 billion U.S. dollars in the fiscal year 2022-2023, up from 7 billion U.S. dollars a year earlier, the Suez Canal Authority's (SCA) chairman Osama Rabie said on Wednesday.

"For the first time in the canal's history, the authority has achieved revenues of about 9.4 billion U.S. dollars with a 35 percent increase," Rabie told reporters at a press conference.

He added 25,887 ships carrying 1.5 billion tons of cargo passed the navigation course in the FY 2022-2023, the highest record in the SCA's history.

The Ukrainian-Russian conflict and the SCA's ongoing development and logistics projects were behind the increase in revenues, he explained.