Eastern Company has announced that its sales increased by EGP 1bn to EGP 14.6bn in the third quarter (3Q) of 2022/23, compared to EGP 12.781bn in 3Q 2021/22, a growth rate of 14%.
The company’s total revenues grew to EGP 54.827bn in 3Q 2022/23, compared to EGP 51.466bn in 3Q 2021/22.
The company’s gross profit amounted to EGP 6.862bn in 3Q 2022/23, compared to EGP 5.723bn in 3Q 2021/22, an increase of 20%.
The gross profit margin grew to 47% compared to 45% during the comparison period, and the net profit after deduction of tax and provisions amounted to EGP 5.3bn, a growth rate of 24% compared to the same period of the last fiscal year, and the basic share of profits recorded EGP 2.22 per share, a growth rate of 26%.
Hani Aman, CEO and Managing Director of Eastern Company, said that his company faced a real challenge in continuing to achieve positive results in the past period, and is working to continue achieving results during the coming period, in light of the high production inputs and the continuous increase in costs. Several strategic paths, including internal ones in terms of raising efficiency and improving effectiveness, and external ones to ensure that prices are commensurate with cost, and to avoid long-term losses.
Aman added: “Our vision is not limited to the short term, but there is a real challenge for the company to continue achieving these results in the coming period, and we are working to reduce the impact of economic challenges with a professional management concept for risk management.”
