Canal Shipping Agencies’ OGM approves cash dividends
Canal Shipping Agencies’ ordinary general meeting (OGM) approved annual cash dividends of EGP 276,552,914 for the fiscal year 2019/2020, according to the company’s statement filed to the Egyptian Exchange.
The company posted a net profit of EGP 41.056 million in the July-September 2020, compared to EGP 128.387 million achieved in the prior-year period.
The company attributed the decline in net profit to the decrease in profit of two subsidiaries, Port Said Container and Cargo Handling, and Demitta Container and Cargo Handling as well as the coronavirus crisis.
Canal Shipping is a subsidiary of the Holding Company for Maritime and Land Transport that provides marine port services and shipping services to the international commercial fleets. The company operates four agencies, namely Asswan Shipping Agency, Assuit Shipping Agency, El Menia Shipping Agency, and Damanhour Shipping Agency.