The Eastern Company S.A.E. has revealed in an announcement to the Egyptian Stock Exchange (EGX) that it expects its revenues to increase by nearly EGP 300m in the fiscal year (FY) 2017/2018.
“This increase in revenues is the result of the increase of the prices of some types of cigarettes. This is expected to cover the manufacturing costs of some of the companies’ products,” the announcement said.
The increase will be in addition to the already-expected revenues worth EGP 12.234bn in the estimated budget for FY 2017/2018, which was revealed earlier by the company, according to its announcement.
The Eastern Company increased the prices of three kinds of its cigarettes earlier in July out of a total of 14 kinds, including Cleopatra king size from EGP 10.5 to EGP 11.5, Cleopatra Queen from EGP 12 to EGP 12.5, and Cleopatra Super from EGP 12.75 to EGP 15.
The company has also increased the prices of its cigarettes several times since the beginning of 2017.
The company announced earlier to EGX that it seeks to increase its revenues by 3.7%, with profits worth EGP 1.4bn and sales of 61.5 billion cigarettes.
Eastern Company’s licensed capital is estimated at EGP 3bn. Its paid-up and issued capital is estimated at EGP 1.5bn. The company’s market share represents 70%, while the rest of the market is owned by foreign companies.