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Egyptian cigarette maker Eastern posts 17% jump in profits

Reuters, Tuesday 22 Jul 2014
Views: 1337
Views: 1337

Egypt's leading cigarette maker Eastern Co. posted a 17.1 percent increase in net profit in the year to 30 June on the back of stronger sales.

Eastern, which has a monopoly on producing cigarettes in the country of 86 million people, lifted sales by 13 percent to LE6.2 billion ($867 million), though it now faces the challenge of a government-imposed increase in tax on cigarettes.

Egypt raised the sales tax on cigarettes by up to 120 percent this month as part of a series of measures to curb the budget deficit.

Eastern's full-year sales boost helped the company to reach a net profit of LE883.2 million, up from LE754.4 million a year earlier.

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