The profits of the Eastern Company for Smoking increased by 17% during the first seven months of the current fiscal year.
The company achieved a net profit of 2.95 billion pounds during the period from July 2020 to January 2021, compared to profits of 2.52 billion pounds in the same period last fiscal year.
The company achieved 412 million pounds net profit last January, compared to 304.6 million pounds compared to January of the previous year.
The company’s sales during the seven months increased by 37.7 billion pounds, compared to 33.2 billion pounds in the comparative period of the last fiscal year.
In January 2021, the company recorded sales of 5.2 billion pounds, including taxes.
The profits of the Eastern Tobacco Company increased during the first half of the current fiscal year by 14.5%, to reach 2.54 billion pounds, compared with 2.21 billion pounds in the same period last year.
Activity revenues during the first half amounted to 8.16 billion pounds, compared to 7.69 billion pounds in the first half of the previous fiscal year, and the company’s profits during the second quarter of 2020-2021 increased by 19% on an annual basis, to reach 1.37 billion pounds.
The revenues of the activity during the second quarter amounted to 4.21 billion pounds, up 6% on an annual basis, and the company attributed the increase in profits during the aforementioned period with a record boom in sales and production that led to an increase in the total profit to 344.1 million pounds, an increase over the comparative period of 291 million pounds. .
Hany Aman, the managing director of the company, revealed in a previous statement to the “Stock Exchange” that the company has a keen interest in financial inclusion operations and planning to achieve the state’s concept of the financial inclusion system for what the company owns of the values of major transactions in the consumer market, and aims to lead the consumer sector in Egypt towards operations Financial inclusion and digital transformation by digitally transforming its operations.
He added that the sales of the top 5 consumer companies in the market constitute 60% of the volume of Eastern Tobacco business, which makes it the leader in the consumer market in light of the distribution of 11 million packs of cigarettes per day, or 3.5 billion packages annually.
The company’s profits during the second quarter of 2020-2021 increased by 19% on an annual basis, to reach 1.37 billion pounds.
The activity revenues during the second quarter amounted to 4.21 billion pounds, up 6% on an annual basis.
The profits of the Eastern Company for Smoking increased during the period from the beginning of July until the end of last September to reach 1.16 billion pounds, compared to one billion pounds during the same period last year, with a growth of 16%.
The company’s revenues increased during the first quarter of the fiscal year 2020 to reach 3.9 billion pounds, compared to 3.7 billion pounds during the corresponding period.
The cost of sales increased during the same period to reach 2.3 billion pounds, compared to 2.2 billion pounds during the corresponding period.
By the end of last September, the total profit rose to 1.6 billion pounds, compared to 1.4 billion pounds during the corresponding period.
Earlier, Hany Aman, managing director of the Eastern Company for Smoking, revealed that his company is expanding in the flavors cigarette industry after the success of flavored molasses products, pointing out that the company is seeking to lead the flavored cigarette market in the coming period.
He pointed out that controlling the flavors market is the first goal of the company during the coming period, after confirming the success of flavor products and obtaining the satisfaction of the public, indicating that the company provides them at competitive prices and suitable for the local consumer.
Aman added to the “Stock Exchange”, that the company is studying to increase production capacity by 10-15% during the fiscal year to expand local cigarette products and flavored cigarettes after the remarkable increase in the demand for cigarettes after the Corona pandemic.
Aman indicated that his company has allocated investments estimated at more than one billion pounds for expansions in the current fiscal year budget, pointing out that the company’s business results during the first quarter of the current fiscal year are strong.
In response to the Stock Exchange’s question about the increase in the prices of local cigarettes in the coming period, Aman explained that the company periodically studies costs and product prices and raises the prices of the products it sees.
The article “Eastern Tobacco” profits 2.95 billion pounds in 7 months, with a growth of 17%. It was written in Al-Borsa newspaper.