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Eastern Co posts EGP 4.2bn profit in FY17/18

Eastern Co posts EGP 4.2bn profit in FY17/18
Revenue increased to EGP 13.4 billion in FY17/18
Eastern Co
EAST
-0.74% 13.50 -0.10

Cairo – Mubasher: The financial indicators of Eastern Co showed a 42.5% surge in profits for fiscal year 2017/2018 due to higher revenues.

Net profit stood at EGP 4.2 billion in the July-June period of FY17/18, compared to EGP 2.9 billion in FY16/17, the Egyptian tobacco firm said in a filing to the Egyptian Exchange (EGX) on Wednesday.

Revenue increased to EGP 13.4 billion in FY17/18, versus EGP 10.5 billion a year earlier.

 Egypt's monopoly cigarette maker previously posted an EGP 3.4 billion in net profit for the July-March period of FY17/18, compared to EGP 1.3 billion in the nine-month period of FY16/17.

Earlier this month, chairman of Eastern co Osman Haroun said that the company would raise the prices of its cigarettes by a minimum of 150 piasters per pack as of 12 June.