Arab Finance: Eastern Company (EAST) reported a 16.99% year-on-year (YoY) decrease in standalone net profit for the first half (H1) of the current fiscal year (FY) 2023/2024, according to the company’s financial results filed to the Egyptian Exchange (EGX) on February 7th.

The company’s net profit stood at EGP 2.896 billion during the first six months of fiscal year (FY) 2023/2024, compared to a profit of EGP 3.489 billion in the FY-ago period.

Net revenue dropped to EGP 7.921 billion in the six-month period ended December 31st from EGP 9.862 billion.

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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