Canal Shipping Agencies

A subsidiary of The Holding Company for Marine and Land Transport. Provides marine port services and shipping services to the intl commercial fleets, as well as tourism and travel related services. The Company is primarily engaged in representing foreign shipping companies in Egypt, with a service portfolio that includes Suez Canal transit services, cargo handling services, warehousing services, clearing services, stevedoring services, surveys, marine services and freight forwarding, as well as providing tug boat and mooring boats services, and operating a fleet of busses and trucks. It operates four shipping agencies located at Port Said, with branches situated in a number of other Egyptian ports.
Financial Performance:
In 3Q10/11 financial results revenues showed a 30% fall quarteron-quarter (QoQ) to EGP11.1mn (close to CICRe of EGP12.3mn). Meanwhile, EBITDA margin shifted to the red as expected (just 90bps better than CICRe). Earnings experienced a drop of 11% QoQ to EGP10.6mn