Egypt's paid-up capital for economic authorities increased by 9.1 per cent to 375.1 billion Egyptian pounds in the 2023/24 fiscal year, up from 343.8 billion pounds in FY2022/23, the state statistics agency CAPMAS reported on Sunday. The increase was mainly driven by growth in real estate and leasing activities, which surged 48 per cent to 7.8 billion pounds. Projects under implementation jumped 38.2 per cent to 887 billion pounds, compared with 641.9 billion pounds the previous year. CAPMAS attributed the growth to a 54 per cent rise in transport and storage activities, particularly due to the inclusion of the National Authority for Tunnels (NAT) under the sector. Current activity revenues rose 19.5 per cent to 1.749 trillion pounds in FY2023/24, led by an 84.8 per cent rise in real estate activity to 52.8 billion pounds and a 17.9 per cent increase in oil and gas extraction revenues to 998.9 billion pounds. Distributable surplus rose 6.6 per cent to 314.2 billion pounds, supported by a 21.5 per cent increase in the surplus from the Suez Canal Authority under transport support activities. Total current assets rose 58.3 per cent to 8.67 trillion pounds, driven by higher levels of inventory, receivables, financial investments, and cash. Government subsidies grew 14.9 per cent to 520.6 billion pounds, due to increases in support to the General Authority for Supply Commodities (up 12.1 per cent) and the Egyptian General Petroleum Corporation (up 31.4 per cent). Attribution: Amwal Al Ghad English Subediting: M. S. Salama
