Eastern Tobacco Company, Egypt's biggest cigarette manufacturer, reported on Thursday a 16 percent rise in net profit over a nine month period from January through September.
In a statement on the website of the Egyptian bourse, the company said it made a net profit of EGP 427.3 million, up from EGP 367.3 million for the same period last year.
Revenue grew by 9.5 percent to about EGP 2 billion, the company said.
Eastern Tobacco's shares declined 0.80 percent in Thursday’s trading to close at EGP 209.27.
On Wednesday, the domestic cigarette producer stated that Egypt's current foreign currency shortage has taken toll on the company, which needs $30 million a month to import the basic requirements for production.
The company’s strategic reserves of raw materials declined by end of September to cover only 12 months of production, down from 24, the company said.
“If this situation continues for a long time, the company will be forced to halt production and sales.” the company's statement read.
According to figures released by the state's statistics body CAPMAS in May,19.6 percent of Egyptians over the age of 15 smoke, and 60 percent of smokers smoke 15 to 24 cigarettes per day.
*The official exchange rate for $1 = EGP 8.78