Arab Finance: Eastern Company’s (EAST) revenues are expected to grow by nearly 78%, with an average increase of 16.9% year on year (YoY) in prices throughout six-year period until fiscal year (FY) 2027/2028, according to an emailed note from HC Securities on August 6^th.

“We forecast an average increase of circa 13% in the blended local ex-factory price over the FY 2023/2024 to 2027/2028 estimation, from our previous estimated average increase of 3.11%, assuming that the company still operates within the EGP 4.00/pack flat tax bracket as the Egyptian government did not yet announce any revision to the flat tax brackets,” Consumers Analyst at HC Pakinam El-Etriby stated.

As for the FY 2022/2023 to FY 2023/2024 estimation, HC forecasted the local cigarette sales volume to decline by an average of about 6% YoY, affected by foreign exchange shortages.

However, the volumes are expected to normalize and increase by an average of nearly 5% YoY to 71.9 billion cigarettes by the end of the forecast period from FY 2024/25 to FY2027/2028, El-Etriby added.

In March, the board of directors of Eastern Company approved a new price list of its local cigarette brands.

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 cigarettes’ filter rods and homogenized tobacco.

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