During its latest board meeting, SCZone officials reviewed financial performance indicators, promotional strategies, and the draft budget for FY2025/2026.
The General Authority for the Suez Canal Economic Zone (SCZone) has reported net revenues of $5.7 billion for the first half of the FY2024/2025.
During its latest board meeting, SCZone officials reviewed financial performance indicators, promotional strategies, and the draft budget for FY2025/2026. The meeting also included the approval of new projects in the textile and metal industries, further solidifying SCZone’s position as an industrial and logistics hub.
The financial report for the first half of FY2024/2025, covering July to December 2024, revealed net revenues of EGP 5.673 billion, reflecting a 32% increase from EGP 4.3 billion during the same period in the FY2023/2024.
The revenue also surpassed the FY2024/2025 budget projection of EGP 5.2 billion by 8%.
A detailed breakdown showed that port operations accounted for 77% of the total revenue, reinforcing their pivotal role in SCZone’s income stream.
Meanwhile, other commercial activities saw a sharp rise, contributing 23% of total revenue, a significant jump from an average of 8% over the past five years.
In addition to evaluating financial performance, the SCZone board approved the estimated budget for FY2025/2026, paving the way for further investment and infrastructure expansion.
SCZone Chairman Walid Gamal El-Din presented an update on the promotional and investment attraction efforts for the first half of the fiscal year. The zone successfully secured 66 new investment projects across diverse industries, with a total investment value of $1.755 billion.
These projects included, 54 entirely new ventures, and 12 expansion projects by existing investors.
The board approved four large-scale industrial projects in the textile, ready-made garments, and metal industries, with total investments amounting to $1.843 billion.
Among these projects, Eroglu Global Knitting, a Turkish textile manufacturer, is investing over $40 million in expanding its existing facility in Qantara West. The expansion, expected to be operational by March 2025, will cover 274,000 square meters and focus on yarn, fabric, and garment production.
Once fully functional, 70% of its output will be allocated for export.
Additionally, two Chinese textile manufacturers received investment approvals.
This includes Shanghai Honour, specializing in home textiles, with an investment of $3.5 million, targeting 100% export production, and Jiangsu Guotai, a ready-made garments manufacturer, investing $10 million, also dedicated to 100% export.
A major highlight of the board meeting was the approval of a $1.65 billion investment by Shin Feng Egypt to establish the largest integrated metal industries complex in Ain Sokhna. This state-of-the-art facility will serve the automotive and home appliance industries and will include two research and development centers and a waste recycling facility.
The project will be executed in two phases:
Phase 1: Investments of $813 million to construct four factories producing automobile components, metal parts for home appliances, standard fixings, and rolled metal sheets.
Phase 2: Investments of $835 million to establish five additional factories specializing in machinery parts, brake rotors (with an annual capacity of 150,000 tons), steel structures (with an annual capacity of 100,000 tons), and other automotive components.
