The Eastern Company, a large tobacco producer in Egypt, has increased the price of 10 types of its popular cigarettes.
The new prices are scheduled to be applied starting Sunday, September 4th, 2022, after the price list was approved by the Board of Directors in its session yesterday, in accordance with the provisions of the VAT Law and its amendments, as well as the Comprehensive Health Insurance Law No. 2 of 2018.
The managing director and CEO of the Eastern Company, Hani Aman, attributed the increase to the rise in the prices of raw materials and imported raw materials in foreign currency. He said, “We were careful to make the increase as low as possible”.
The increases in cigarette prices ranged from EGP 1.5, equivalent to $0.08, to EGP 2, equivalent to 10 cents, and included popular brands like Cleopatra Box, Cleopatra Super and Mondial.
This is the second increase approved by the company in about six months. Last March, it announced an increase in the prices of 10 types of local cigarettes by rates ranging from 4.3% to 9.5%.
The Eastern Company achieved a net profit after tax of EGP 4.252bn during the nine months ending in last March, compared to EGP 3.889bn in the corresponding period, recording a growth of 9%.
Total sales increased by 6% to reach EGP 51.466bn during the period from July 2021 to March 2022, compared to EGP 48.741bn in the same period of last year.