Eastern Company, the leading tobacco producer in Egypt, announced its consolidated financial results for the fiscal year ending in June 2023, showing remarkable growth in its net profits and revenues. The company attributed its performance to the increase in local cigarette and molasses tobacco sales, as well as the improvement in its profit margin.
According to the financial statements, the company’s net profits soared by 90% year-on-year, reaching EGP 7.7bn, compared to EGP 4bn in the previous fiscal year. The company also achieved a record net profit margin of 43%, up from 24% in the same period last year.
The company’s net revenues increased by 5% year-on-year, amounting to EGP 18bn, compared to EGP 17.1bn in the previous fiscal year. The company’s total profit rose by 5% year-on-year, reaching EGP 8.2bn, compared to EGP 7.8bn. The basic earnings per share increased by 85% to EGP 2.98.
The company’s total sales (including taxes) reached EGP 66bn, with significant growth in its local cigarette and molasses tobacco segments. The local cigarette sales grew by 13% year-on-year, registering EGP 16.5bn, compared to EGP 14.5bn in the previous fiscal year. The molasses tobacco sales increased by 52% year-on-year, recording EGP 203m, compared to EGP 133m in the previous fiscal year.