Canal Shipping Agencies logs EGP 38.5M profit in 3 months

Updated 11/8/2021 10:26:00 AM

ArabFinance: Canal Shipping Agencies (CSAG) reported a 6% year-on-year drop in net profit after tax for the first quarter (Q1) of fiscal year (FY) 2021/2022, according to the company’s financial indicators filed to the Egyptian Exchange (EGX).

Net profit after tax recorded EGP 38.53 million in Q1 FY 2021/2022, compared to a profit of EGP 41.05 million in Q1 FY 2020/2021.

Revenues stood at EGP 19.96 million in Q1 FY 2021/2022, jumping by 88% from EGP 10.60 million in the year-ago period.

Canal Shipping is a subsidiary of the Holding Company for Maritime and Land Transport that provides marine port services and shipping services to the international commercial fleets.

The company operates four agencies, namely Asswan Shipping Agency, Assuit Shipping Agency, El Menia Shipping Agency, and Damanhour Shipping Agency.