Alexandria Container and Cargo Handling reports surge in income in 9M 2022-23

Alexandria Container and Cargo Handling’s bottomline rose 152% y-o-y toEGP 3.2 bn in 9M FY 2022-23, according to a disclosure to the EGX (pdf). The EGX-listed company recorded a topline of EGP 3.4 bn, up 85.4% y-o-y.

The breakdown: The company’s storage unit recorded a 162.8% y-o-y increase in revenues, reaching EGP 1.7 bn. Revenues related to discharging activities increased 37.61% y-o-y to EGP 558.8 mn, with the shipping sector’s topline increasing 55.5% y-o-y to EGP 263 mn. Transit revenues, on the other hand, fell 85.1% y-o-y to EGP 836k.

REMEMBER- Abu Dhabi wealth fund ADQ acquired stakes in Alexandria Container and Cargo Handling, alongside five other Egyptian state-owned companies, for around USD 1.8 bn as part of the USD 2 bn investmentthey had agreed to back in March 2022.