Red Sea Ports revenues are 90 percent more than the target in FY 2017-18
Ships at one of Egypt's Red sea ports
Cairo - MENA
Revenues from the Red Sea Ports Authority reached EGP 2.264 billion during 2017-2018 fiscal year, 90-percent more than the target.
The net profit stood at EGP 855 million, 50-percent more than the target.
Chairman of the Authority, Hisham Abu Senna, attributed the increase in revenues to a strategy that made optimal use of all potentials at the Red Sea ports, not to mention decisions made to develop resources.
He also touched upon an increase in the number of ships that transited the Suez Canal, as well as the volume of cargo traded at different Red Sea ports.
Some of the Red Sea ports include: Safaga, Hurghada, Sharm El Sheikh, Nuwaiba and Suez ports.
An investment plan worth EGP 431 million was implemented to Safaga, Hurghada and Nweiba ports, with the private sector managing business and services projects in an attempt to benefit from its expertise, and to provide job opportunities at governorates where the ports reside.
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