Arab Finance: Canal Shipping Agencies (CSAG) has posted a 103% year-on-year (YoY) increase in net profits after tax during fiscal year (FY) 2022/2023, according to the company’s adjusted financial statement filed to the Egyptian Exchange (EGX) on September 26th.
The firm garnered EGP 364.899 million in net profits in last FY, compared to EGP 179.818 million a year earlier.
Meanwhile it earned revenues of EGP 81.325 million, up 10% YoY from EGP 74.266 million in FY 2021/2022.
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.