Revenues
The Egyptian Suez Canal Authority is considering granting reductions in transit fees ranging from 10 to 20 percent for ships that comply with environmental standards.
Rabie clarified that the revenues during 2021 hiked by 12.8 percent, or $720 million, compared to $5.6 billion during 2020.
The navigation statistics in the Suez Canal recorded unprecedented records during October 2021, achieving the highest monthly tonnage in the history of the canal, amounting to 112.1 million tons, according to head of the Suez Canal Authority, Osama Rabie.
The head of the authority said in a statement, Wednesday that the rate of increase in revenues amounted to 12.6 percent.
El-Said explained that the output of the Suez Canal will thus rise from LE 93.9 billion in 20-2021 to LE 99.3 billion in the year of the plan, exceeding the output achieved before the outbreak of the Corona pandemic in 18/2019.
The media center at the Egyptian cabinet denied baseless information circulated in a video claiming that the new Suez Canal has not achieved any increases in the canal’s revenues.
The official pointed out that the Suez Canal accomplished revenues worth $530.7 million in FY2020/2021 with a hike of 20.7 percent.
Maait said in a statement Thursday that state revenues grew at an annual growth rate of 12.2 percent during the last fiscal year, with an increase of LE 119 billion, and expenditures increased by 9 percent.
Maait also noted Expenditures also rose by 9 percent, in addition to achieving a primary surplus in the budget of about 93.1 billion pounds, or 1.4 percent of GDP, while reducing the total deficit from 8 percent to 7.4 percent.
Currently, the company is working towards the target of producing 400,000 and 430,000 gold bars by the end of 2021.
The net tonnage transiting the canal during the first half of 2021 increased by 3.8 percent, by 610.1 million tons during the first half of the current year, compared to 587.7 million tons during the same period of last year, with an increase of 22.4 million tons.
Head of the Suez Canal Authority, Lieutenant-General Osama Rabie stated that Egypt’s average daily loss due to the blockage of the Suez Canal hits $ 13 million.
Egypt's revenues during the first half of the current fiscal year increased by 16 percent on an annual basis, according to Ministry of Finance.
Customs certificates worth LE 1.922 billion have been issued for imports at Alexandria port, the statement said.
“Smoke exports at the General Administration of Smoke Customs in Cairo amounted to about LE 4.67 million,” it added.
The company added that its consolidated revenue reached LE 31.9 billion during 2020, with an annual increase of 24 percent.
Rabie further said that the canal has achieved the highest daily revenues on February 5 since Coronavirus outbreak, as it achieved $22.2 million.
Total tax revenues rose by about 10 percent during the period from July to December 2020 to reach about LE 334 billion, compared to about LE 304 billion during the same period of the previous fiscal year.
That is the third highest in the international waterway's history dating back to 1869.
The ministry clarified in the concluding statement of the general state budget for 2019/2020 that tax revenues increased 0.5 percent to hit LE 739.6 billion, compared to LE 736 billion.
