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Suez Canal Technology sees higher profits in Q1-FY22/23

The consolidated profits of Suez Canal Company for Technology Settling netted EGP 411.03 million during the first quarter (Q1) of fiscal year (FY) 2022/2023, compared to EGP 285.55 million in the year-ago quarter.

Basic earnings per share (EPS) stood at EGP 4.51 during the three-month period ended on 30 November 2022, compared to EGP 3.13 in the same period in the previous year, according to a bourse statement on Monday.

Moreover, the company’s revenues soared to EGP 572.51 million in Q1-FY22/23, compared to EGP 463.67 million in Q1-FY21/22.

As for the separate financials, the EGX-listed firm gained EGP 601.05 million in standalone net profits during Q1-FY22/23, a rise from EGP 531.96 million in the corresponding period a year earlier.

During FY ended on 31 August 2022, Suez Canal Technology reported lower consolidated net profits by 10.70% to EGP 597.30 million, compared to EGP 669.59 million in the previous FY, including minority shareholders’ rights.
Source: Mubasher

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