Eastern Company’s profits rise 90% YoY in FY 2022/23
Updated 9/5/2023 10:40:00 AM
Arab Finance: Eastern Company’s net profits after tax surged 90% year on year (YoY) in fiscal year (FY) 2022/2023, according to the financial indicators filed to the Egyptian Exchange (EGX) on September 5th.
The company earned EGP 7.657 billion in net profits in FY 2022/2023, compared to EGP 4.03 billion in the previous FY.
Meanwhile, net revenues inched up 5% YoY last FY, reaching EGP 17.958 billion, versus EGP 17.139 billion a year earlier.
“Despite lower-than-expected operational performance, the reported net income came circa 31% higher than our estimate of EGP 1.81 billion, which we attribute to non-operational reasons or higher-than-expected contribution from UTC,” HC Securities commented.
“Revenue decreased circa 23% YoY to EGP 3.35 billion and came circa 34% below our estimate on lower-than-expected volume sold impacted by lower imports of raw tobacco as a result of the FX shortage,” the research firm added.
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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