Rabies unveils Suez Canal’s $9.4bln revenues in FY22/23, IPO plans

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Cairo – Egypt’s Suez Canal generated revenues amounting to $9.40 billion during fiscal year (FY) 2022/2023, an annual surge from $7 billion.

As per the navigation statistics for FY22/23, the number of vessels crossing the canal stood at 25,887 ships, while the ship tonnages hit 1.50 billion tonnes.

Osama Rabie, Chairman of the Suez Canal Authority (SCA), announced the unprecedented records during a press conference that was held on 21 June.

Rabie also highlighted that the sovereign fund of the Suez Canal exceeded EGP 100 billion, only two years after its inauguration.

Furthermore, the chairman unveiled the government’s plans to offer 20% of Canal Mooring and Lights Company’s shares on the Egyptian Stock Exchange in an initial public offering (IPO).

Earlier this month, the Central Agency for Public Mobilization and Statistics (CAPMAS) data showed that the canal’s revenues reached $50.90 billion during the last 10 years.