Egypt’s cigarette producer Eastern Co. (Eastern Tobacco) is targeting net profits of EGP 1 billion in the fiscal year 2015/16, an informed source told Mubasher.

The company's ordinary general meeting approved the estimated budget for FY15/16.

The firm's net profits stood at EGP 586 million for the first half of FY14/15, a rise of 57.5% from the same period of the previous year.

Eastern Tobacco is capitalised at EGP 750 million, distributed across 50 million shares at EGP 15 par value each.