Cairo – Mubasher: The Eastern Company achieved record local sales and production volumes during the fiscal year (FY) 2020/2021.

The volume of local cigarette sales increased by 12% year-on-year (YoY) to about 67 billion during the year ended 30 June, the tobacco manufacturer said in a statement to the Egyptian Exchange (EGX) on Sunday. 

Meanwhile, the volume of local cigarette production approached 70 billion cigarettes, with an annual growth rate of 16%. 

"These levels come within the strategic direction framework of raising efficiency, optimising the use of the company's available resources, [and] achieving the maximum return on the invested capital,” the statement showed. 

During the first nine months of FY20/21, the Eastern Company posted net profits of EGP 3.88 billion, up from EGP 3.13 billion in the same period a year earlier.