Eastern Company’s profits see 20% YoY drop in Q1 FY2023/24
Updated 11/14/2023 1:58:00 AM
Arab Finance: Eastern Company’s net profits after tax dropped 20% year on year (YoY) in the first quarter (Q1) of fiscal year (FY) 2023/2024, according to the financial indicators filed to the Egyptian Exchange (EGX) on November 14th.
The company earned EGP 1.124 billion in net profits in Q1 of the current FY, compared to EGP 1.405 billion in Q1 of the previous FY.
Meanwhile, net revenues went down 32.5% YoY in the July-September period, logging EGP 3.123 billion, versus EGP 4.624 billion a year earlier.
Eastern Company is an Egypt-based company, which is engaged in manufacturing tobacco products.
The company’s product portfolio includes cigarettes, cigars, pipe tobacco, and molasses tobacco, as well as other related products such as cigarette filter rods and homogenized tobacco.
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