Hany Aman, Managing Director and CEO of the Eastern Company said that there are many challenges that the company has been facing for a long time, and that the increasing and continuous rise of all production inputs and raw materials for the tobacco industry has led to an increase in product prices.
Aman added, in a statement issued on Sunday that the company's decision to raise product prices came after a long study, to face the change in cost items that are linked to the exchange rate, which will have a reflection on the taxes that the company pays.
He pointed out that work is currently underway to study the financial and tax impact of the recent increase, especially since the Eastern Company is listed on the Egyptian Stock Exchange and its shares are being traded.
The Eastern Company announced today an increase in the prices of all its products, including cigarettes, cigars, molasses, after the company's board of directors approved the new price list for the consumer price.
The new increase in cigarettes ranged from EGP 2-3 per pack, bringing the price of (box of 10) to EGP 15, Cleopatra King Size EGP 23, Cleopatra Soft Queen EGP 24, Boston/Plumnet EGP 24, Cleopatra Box (white / colors) EGP 24, Cleopatra Super to EGP 24.
Mondial (red/blue/silver) EGP 24, Mondial Switch (menthol/blueberry) EGP 24, Cleopatra Black EGP 24, Matossian Super EGP 24, and Viceroy/Pal Money EGP 33.
It is noteworthy that Al-Sharqiya - Eastern Company achieved profits amounting to EGP 3.48 billion during the period from July to December 2022, compared to profits amounting to EGP 2.92 billion, year-on-year
The company's revenues rose during the first half to EGP 9.93 billion, compared to EGP 8.53 billion, year-on-year.
The company stated that good data was recorded, but with the challenges of continuing to achieve these results in the coming period in light of the high production inputs and the continuous increase in costs.
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