Eastern Company targets LE1.14B investments during 2019/20

CAIRO – 27 March 2019: Eastern Company’s planning budget for the fiscal year 2019/2020 targets investments of LE 1.14 billion,comparedto targeted investments of LE 1.24 billion in the current fiscal year.

In a filing to the Egyptian Exchange (EGX), the company said it targets projects worth LE 25 million during the next financial year, compared to targeted projects of LE 50 million in the current fiscal year.

The company’s investment budget aims to replace and renew operations worthLE 1.11 billion during the next fiscal year, in addition to completing projects worth LE 51.8 million.
Eastern Co. also aims to achieve a net profit of about LE 3.8 billion during 2019/2020, compared to LE 3.25 billion expected to be achieved during the current fiscal year.

Egypt’s public treasury is expected to get LE 67.8 billion from Eastern Co. during 2019/2020, compared to LE 57.5 billion in the budget of the current fiscal year.

By the end of February, Egypt floated a stake of Eastern Company on EGX, and the public and private offerings on the course were completed Wednesday, March 6, with a total value of LE 1.72 billion.

Eastern Co. is a public company listed on EGX since September 1995. It operates within the food, beverage and tobacco sector focusing on tobacco. It was established in July 1920.