The Eastern Company, Egypt’s leading local tobacco company, has seen remarkable success over the years, with its revenues surging by 54 percent in the second quarter of the fiscal year 2023/2024. During the first two quarters of the financial year 2023/2024, the Eastern Company achieved revenues of EGP 7.9 billion (USD 163.8 million) from 1 July to 31 December 2023. The total profit for this period reached EGP 2.7 billion. In the second quarter of the fiscal year, the Eastern Company recorded revenues of 4.8 billion Egyptian pounds, recording a 54 percent increase. This was a significant increase from EGP 3.1 billion (USD 64.2 million) in the previous quarter. The total profit reached EGP 1.8 billion (USD 37.3 million) compared to EGP 975 million (USD 20.2 million), with a growth rate of 83 percent. To navigate the economic challenges and inflation, the Eastern Company raised cigarette prices twice in 2024. The latest price increase, implemented on 14 April, saw the prices of several cigarette products rise by up to EGP 5 (USD 0.1) per pack. “Cigarette prices have been adjusted to address the significant increase in raw material prices in…
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Source: egyptianstreets
