Cairo – Mubasher: Eastern Co on Monday announced it has signed three contracts to export Matossian tobacco to three Arab states.

The tobacco will be exported exclusively through Al Wahdania General Trading Company in the UAE, the Cairo-based firm said in a statement to the Egyptian Exchange (EGX).

The three Arab states are the UAE, Bahrain, and Oman, according to the statement.

These deals are expected to constantly boost Eastern Co’s export rates, Egypt's monopoly cigarette maker indicated.

In January, Eastern Co reported a 12.6% year-on-year decrease in its net profits for the first half of fiscal year 2018/2019.

Net profit reached EGP 2.02 billion during the six-month period ended 31 December 2018, compared to EGP 2.32 billion in the same period of 2017.

The company’s revenues increased to EGP 7.09 billion in the July-December period of last year, versus EGP 6.7 billion in the corresponding period a year earlier.