Cairo – Mubasher: Eastern Co’s ordinary general meeting (OGM) has endorsed the budget scheme for fiscal year 2019/2020.
Under the FY19/20 budget scheme, the tobacco firm targets profits of around EGP 3.8 billion, according to a statement to the Egyptian Exchange (EGX) on Tuesday.
The OGM also approved FY19/20 investment scheme with around EGP 1.14 billion, the company added.
This sum is expected to be injected in upgrading the company’s production lines and boosting their productivity.
In January, Eastern Co posted a net profit of EGP 2.02 billion for the six-month period ended 31 December 2018, compared to EGP 2.32 billion in the same period of 2017.
