CAIRO – 31 January 2021: The Eastern Company announced an increase in its profits during the first half of the fiscal year 2020/2021 by 14.5 percent on an annual basis, to reach LE 2.54 billion.
The company said in a filing to the Egyptian Exchange (EGX) that the revenues amounted to LE 8.16 billion during the first half of current fiscal year, compared to LE 7.69 billion in the half of last year.
The company's profits during the second quarter of 2020/2021 increased by 19 percent on an annual basis, to reach LE 1.37 billion.
According to the company, activity revenues during the second quarter amounted to LE 4.21 billion, up 6 percent on an annual basis.
During the first quarter of the fiscal year 2020/2021, the company achieved profits amounting to LE 1.163 billion during the period from July to last September, compared to profits of LE 1.059 billion in the comparative period of the last 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.