Cairo – Mubasher: Eastern Co. commented on news reports about the Egyptian government’s intention to issue a new licence for cigarette production in the local market.

The tobacco manufacturer affirmed that “the issuance of operating licences in the country in an inheret right of the Egyptian government through the Industrial Development Authority, and that EC is not a party to this decision, and it does not have any official information regarding this decision,” according to a bourse disclosure on Thursday.

In addition, the company revealed that it is considering several investment projects which will help enhance its position in the tobacco market, the statement showed.

During the first half (H1) of FY20/21, the company reported net profits of EGP 2.54 billion.

Revenues went up to EGP 8.16 billion in the July-December period of 2020 from EGP 7.69 billion in the corresponding period a year earlier.