Cairo – Mubasher: Eastern Company on Monday announced that its management approved the company’s budget scheme for fiscal year 2019/2020.

The Egyptian tobacco firm is targeting a net profit of EGP 3.8 billion for the next fiscal year, versus an estimated profit of EGP 3.25 billion for FY18/19, according to a statement to the Egyptian Exchange (EGX).

The company aims to locally and globally sell 64.87 billion cigarettes and 20,670 tonnes of mu'assel in FY19/20.

It is worth noting that Talaat Arabi Ismael has been appointed as a member of the board of directors in FY19/20 election, instead of Raafat Ismael Youssif Salam.

Moreover, the company plans to boost its supply to the public treasury by 18% year-on-year in FY19/20 to EGP 67.8 billion, versus EGP 57.5 billion in FY18/19, according to another statement.

The company has prepared the FY19/20 budget scheme on the basis of an exchange rate of EGP 18 per US dollar.

In January, Eastern Co reported a 12.6% year-on-year decrease in its net profits for the first half of FY18/19, recording EGP 2.02 billion, compared to EGP 2.32 billion.

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.