Eastern Company’s profits soar 161% in H1 of 2017/18

CAIRO – 30 January 2018: Egypt’s Eastern Company SAE (EAST) announced that its net profit in H1 of 2017/2018 soared 160.84 percent, according to the company’s release to the Egyptian Exchange.

The release showed that EAST achieved profits of LE 2.32 billion, after taxes, up from LE 890.4 million in H1 of 2016/2017.

Gross profit surged 60.27 percent to LE 2.78 billion, compared to LE 1.74 billion in the same period the previous year, according to the release.

Eastern Company attributed the rise in its profit to the revenue that increased 36 percent to LE 1.78 billion, compared to LE 738.37 million in H1 of 2016/2017.

The company added that the allocations decreased during this fiscal year to LE 19 million, compared to LE 315.98 million in the previous year.

Eastern Company achieved profits of LE 1.04 billion in Q1 of 2017/2018, compared to LE 427.3 million in the same period of 2016/2017.

The company had previously posted profits of LE 2.9 billion in fiscal year 2016/2017, compared to LE 1.47 billion in 2015/2016.

Despite announcing the company’s increased profits, its share in the Egyptian Exchange leveled down 0.10 percent at 12:40 PM (Cairo time), to LE 450.05.

Eastern Company is a public company, listed on the Egyptian Exchange (EGX) since September 1995. It operates within the Food, Beverage and Tobacco sector focusing on Tobacco. Eastern Company is based in Giza, Egypt and was established in July 1920.