By: Ahmed Allam
Cairo - Mubasher: The increase in cigarette prices will rise the Egyptian government’s earnings from Eastern company to EGP 42 billion ($473 million) per year, according to the company’s chairman Mohamed Othman Haroun.
This surge in earning is subject to minting the same sales volume, Haroun told Mubasher.
During the company’s latest OGM, the chairman said that the government annual earnings from Eastern Co. amount to EGP 34.1 billion in the fiscal year 2016-2017, compared to EGP 30.9 billion in the year before.
The latest price increase is according to the current sales tax law, and not the new value added tax, Haroun revealed to Mubasher.
Eastern Company produced 81.7 billion cigarettes in FY 2014-2015, and it is planning to increase production levels to 84 billion cigarettes in FY 2016-2017.
Translated by: Moslem Ali
