The Suez Canal Economic Zone (SCZone) Authority achieved a net profit of 2.198bn in fiscal year (FY) 2018/19, compared to EGP 2.13bn in FY 2017/18, according to the chairperson of the Suez Canal Authority (SCA) and the SCZone, Mohab Mamish.
Mamish added in a press statement that the SCZone`s revenues in the last FY recorded EGP 3.69bn, compared to 2.756 bn in the previous year, a hike of 35% compared to last FY.
He said that the budget for the FY 2019/20 was approved with a total of EGP 10.4bn as the largest budget in the history of the SCA based on the requirements of investments, such as enhancing some areas and developing the infrastructure.
On the other hand, Mamish mentioned that the SCZone will soon witness the signing of new contracts with major local and international companies to invest in the economic zone in Ain Sukhna, which will contribute to providing new job opportunities for the Egyptian youth over the next two years.
He asserted that the SCZone management aims to maximise the SCZone revenues, describing it as the engine of development for the Egyptian economy.