Cairo – Mubasher: Eastern Co. is planning to double the sales of some of its products over the coming three years, the Managing Director, Hany Aman, told Reuters.

The announcement came after the tobacco manufacturer approved an increase in the prices of some of its tobacco and cigar products.

The managing director ascribed the price increase to higher production costs, along with an increased demand on these products due to their lower prices as compared to other products in the market. 

Eastern Co. has a market share of 70%, while foreign companies hold the remaining 30%, Aman revealed in an interview with Reuters on Monday.

During the first nine months of fiscal year 2019/2020, the tobacco manufacturer logged EGP 3.13 billion in net profit, compared to EGP 2.895 billion in the year-ago period.