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Eastern Company sees 24% higher net profits in 9M-22/23

Eastern Company sees 24% higher net profits in 9M-22/23
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Eastern Co
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Cairo – Mubasher: The net profits after tax of Eastern Company reached EGP 5.29 billion in the first nine months (9M) of fiscal year (FY) 2022/2023, an annual rise of 24% from EGP 4.25 billion.

Revenues jumped by 14% year-on-year (YoY) to EGP 14.60 billion during July 2022-March 2023, compared to EGP 12.78 billion, according to the financial results.

Additionally, the earnings per share (EPS) amounted to EGP 2.22 in 9M-22/23, higher than EGP 1.76 as of 31 March 2022.

Income Statements for Q3

The EGX-listed firm posted a 35% YoY surge in net profit after tax to EGP 1.80 billion during the third quarter (Q3) of FY22/23, versus EGP 1.33 billion.

The revenues hit EGP 4.67 billion in Q3-22/23, up 10% from EGP 4.24 billion in Q3-21/22. Meanwhile, the EPS widened to EGP 0.75 from EGP 0.55.

In the first half (H1) of FY22/23, the company’s net profits after tax climbed by 19% to EGP 3.48 billion from EGP 2.92 billion in H1-21/22.