Cairo – Mubasher: Eastern Company is currently conducting the necessary studies to enter into a new smoking industry (reduced-risk smoking products).

The study mainly tests the market in terms of local consumption and demand for smoking alternatives, the tobacco manufacturer said in a bourse disclosure on Sunday. 

The company revealed that the local cigarette production amounted to about 70 billion cigarettes, with a growth rate of 16% year-on-year (YoY), while the local cigarette sales recorded nearly 67 billion cigarettes, with a growth rate of 12% YoY.

In fiscal year (FY) 2020/2021, the company posted net profits of EGP 4.28 billion, up from EGP 3.79 billion a year earlier.