SCZONE’s revenues hit EGP 5.67B in H1 FY2024/25

Updated 1/30/2025 3:11:00 PM

Arab Finance: The Suez Canal Economic Zone (SCZONE) posted net revenues estimated at EGP 5.67 billion during the first half (H1) of fiscal year (FY) 2024/2025, according to an official statement.

This is higher by 32% than EGP 4.3 billion in the July-December period in 2024, according to the board’s announcement during its fourth meeting for FY 2024/25.

Revenues were also 8% higher than FY2024/25 budget expectations, which were estimated at EGP 5.2 billion Meanwhile the port’s revenues represented 77% of total revenues.

Waleid Gamal El-Dien, Chairman of SCZONE, highlighted that the authority attracted 66 new projects in various sectors with total investments of $1.755 billion, creating about 1,600 job opportunities.

Moreover, the authority’s board approved four new projects in the sectors of spinning, weaving, ready-made garments, and metal industries. They have a combined investment value of $1.84 billion.

The board greenlighted the Eroglu Knitting project for manufacturing ready-made clothes, which is part of Türkiye-based Eroglu Global Holding Group’s expansion in Egypt.

With investments exceeding $40 million, the Eroglu Garments factory covers an area of 64,000 square meters, employing 2,000 workers. It is planned to be operational by the end of March 2025.

Eroglu Knitting project will be developed in two phases with a total area of 274,000 square meters, and an investment cost of $180 million. The project will secure 5,000 direct job opportunities and will allocate 70% of its production for export.

Chinese Shanghai Honor Company also granted the authority’s approval for the manufacturing project for home textiles, with a 100% export rate.

Located on an area of 40,000 square meters in the West Qantara Industrial Zone, the factory's investments amount to about $3.5 million and is expected to provide 300 job opportunities.

Moreover, the Chinese Jiangsu Guotai Company will also establish a factory with an investment cost of $10 million. The project will create 2,000 direct jobs and allocate 100% of its products for external export.

These projects aim to meet the local market’s needs for products and lower the burden on the import bill, in addition to enhancing exports to regional and global markets.

Finally, the board approved a $1.65 billion project for Shen Feng Tools Company, which aims to establish the largest integrated industrial complex for metal industries in the Sokhna Industrial Zone.

The project will be implemented in two phases to serve the automotive and home appliances industries, in addition to two centers for research and development and waste recycling.

The first phase will see total investments of $813 million on an area of 2 million square meters, providing 4,419 job opportunities.

Meanwhile, the second phase will be established on an area of 1.75 million square meters, with a total investment of $835 million. It will offer 3,575 direct jobs.