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, the canal authority said in a statement on its website on Sunday.
Revenue a year earlier was $5.008 billion, it said.
The financial year has not yet finished, however. Egypt`s fiscal year runs from July 1 to the end of June.
Ranbir Kapoor starrer Animal joins Rs 200 crore club in 3 days; closes in on Shah Rukh Khan's Jawan's record
SBI Amrit Kalash FD Scheme: This SBI fixed deposit scheme offers highest return than its other FDs; 400-day investment; calculations and more details
Bihar Board Date Sheet 2024 for Class 10 and 12 announced; check schedule and how to get admit cards
HCL Tech, Patanjali Foods, Garden Reach Shipbuilders, Gabriel India: Stocks to watch out for on Tuesday
The canal authority did not explain why it had released figures ahead of the end of the fiscal year.
It 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 al-Sisi invested in an expansion of the Suez Canal which began in 2014, one of the former military commander`s mega-projects designed to revive an ailing economy and restore the country`s place as an important trade hub.
Egypt`s finances were hit badly by unrest that followed a 2011 popular uprising which toppled longtime leader Hosni Mubarak.
Critics have slammed some projects, including the Suez expansion, as a waste of money.
Cairo is also imposing a raft of harsh austerity measures tied to a $12 billion loan from the International Monetary Fund (IMF), which some economists say are helping get the economy back on track, but which have hit ordinary Egyptians hard.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)