CHP targets business size of EGP 1bn this year

Sara Ibrahim
3 Min Read

Canal Harbour & Great Projects Co. (CHP), a subsidiary of the Suez Canal Authority, is considering participating in the project to establish foundations for the railway bridge in Qantara. The studies of the project are set to be completed within two months. The period for implementing the project is estimated at one year.

The chairperson of the company, Ahmed Shaker, said that he targets concluding the business of EGP 1bn throughout the current fiscal year (FY), noting that the company’s business size in 2016 exceeded EGP 1bn.

CHP is also currently studying a project to establish docks at the Adabiya Arsenal, next to establishing units for maintenance of ships and dry docks.

Shaker said that the company has three quarries in Al-Arish, Ras Sidr, and Ataqa that secure resources for the maritime projects, including dolomite, which is used in wave breakers.

Each quarry produces about 3,000 cubic metres per day. The company aims to obtain new crushers in the coming period to increase production. Currently, the company owns seven dredgers with a capacity of 2,000 cubic metres per day. CHP has been involved in the dredging operations at Lake Bardawil in Port Said and Nafisha Gulf in Ismailia.

Shaker noted that the company is also building six hangers in Port Said, Suez, and Ismailia at a cost of EGP 80m.

He said that the company went through development operations in 2016, including upgrading its equipment and dredges at a cost of EGP 400m, in addition to developing human resources through linking wages to production efficiency.

CHP is also set to establish two ferry berths, in order to add them to the three berths the company currently owns.

Shaker said that construction to establish 500 metres of the East Port Said docks reached 60%, adding that the company will complete the project to establish a terminal berth in Sharq At Tafriah by the end of the year.

Moreover, CHP is currently in negotiations with Jordan to establish a liquefied natural gas berth at the port of Aqaba, in addition to studying dredging projects in the United Arab Emirates (UAE).

The planning budget of the company for fiscal year (FY) 2014/2015 amounted to EGP 75m, which was allocated to buy new equipment. In FY 2015/2016, the budget amounted to EGP 150m to develop the assets of the company.

CHP achieved revenues of EGP 161.9m in the past fiscal year, up by 54.5% compared to the fiscal year before that.

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