Cairo – Mubasher: Egypt’s cigarette maker Eastern Company (Eastern Tobacco) said the board of directors approved budget estimate for the fiscal year 2016/17, with projected EGP 1.35 billion profits.
The target earnings are 35% higher year-over-year from estimated EGP1 billion for 2015/16.
In the first half of 2015/16, the company earned EGP809 million, compared to EGP586 million for the year-ago period.
The cigarette maker also targets to pay EGP34 billion to the state public treasury in 2016/17, versus EGP31 billion within the current fiscal year.
Moreover, the company expects to raise production to 84 billion cigarettes in 2016/17, including 20 billion non-locale cigarettes for third parties.
