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Eastern Company returns to Cairo Airport Duty-Free after 5-yr hiatus

Eastern Company returns to Cairo Airport Duty-Free after 5-yr hiatus

Cairo – Mubasher: Eastern Company has closed a supply agreement with Cairo Airport Duty-Free after a five-year suspension.

This suspension stemmed from a dispute over the rent value for product display, Eastern Company’s managing director Hany Aman told Almal newspaper.

Aman added that his company has resumed exports with an “ambitious” plan to increase these exports to $20 million (EGP 358.18 million) within a year.

Eastern Company is targeting $4 million in returns from contracts with Duty-Free EgyptAir in the current fiscal year, while focusing on countries with the highest number of Egyptian expats like Saudi Arabia and Jordan, the top official revealed.

Eastern Co posted a 5% year-on-year decline in its net profits during the first quarter of fiscal year 2018/2019.

From June to September, the Egyptian tobacco company registered a net profit of EGP 991.18 million, down from EGP 1.04 billion in the same period last year.