Eastern Company has increased the price of all its products including cigarettes, cigars, and hookah tobacco. The company’s board of directors approved the new consumer prices and submitted it to the Egyptian Exchange (EGX), effective as of 25 March.
The new increase ranged from EGP 2 to 3 per pack, bringing the price of a Cleopatra Brown box to EGP 15, Cleopatra king size to EGP 23, Cleopatra soft queen to EGP 24, Boston/Plumnet to EGP 24, Cleopatra White to EGP 24, Cleopatra super to EGP 24, Mondial Red/Blue/Silver to EGP 24, Mondial Switch Menthol/Blueberry to EGP 24, Cleopatra Black EGP 24, Matossian Super EGP 24, and Viceroy EGP 33.
Hani Aman, Managing Director and CEO of Eastern Company, said that the company has been facing many challenges for a long time, and that the continuous rise of all production inputs and raw materials have led to an increase in product prices.
Aman added that the company’s decision to raise product prices came after a long study, to accommodate the change in the cost linked to the exchange rate. This would be reflected on the taxes that the company pays. He also said that work is currently underway to study the financial and tax impact of the new increase, as Eastern Company is listed on the EGX.