Egypt Watch

Alexandria Container profits fell 23% in 9 months

The profits of Alexandria Container and Cargo Handling Company decreased by 22.9 per cent during the first nine months of the current fiscal year to EGP 1.04 billion ($66 million), compared to a net profit of EGP 1.35 billion ($86 million) during the same period of the fiscal year 2018-2019. The company’s sales decreased during the nine months to reach EGP 1.82 billion ($116 million), compared to total sales of EGP 2.07 billion ($131 million) during the same period last fiscal year. The company achieved a total revenue of EGP 1.6 billion ($102 million) during the nine-month period, compared to a total revenue of EGP 1.84 billion ($117 million) in the comparative period of last fiscal year. The company attributed the decrease in profits to the decline in revenues of most of the company’s activities like warehousing, unloading, shipping, and port services, as well as a decrease in the value of the dollar against the pound, and a decrease in the number of containers by four per cent. The number of handled containers was 229,100 containers, compared to 231,080 containers. Revenue and profits are expected to continue declining in the last quarter of the year due to the negative economic implications of the coronavirus crisis.