Egypt's Eastern Co. raises prices of popular cigarettes.
Egypt's Eastern Company has announced a 10% increase in prices for 10 popular cigarette brands. The new prices will be effective from September 4, following approval from the company's board of directors, in compliance with Egypt's Value-Added Tax and Health Insurance laws.
The CEO and Managing Director of Eastern Co., Hani Aman, attributed the rise in prices to an increase in the cost of raw materials. "We are being cautious in keeping the increase as low as possible," he was quoted as saying.
The price hike ranges from EGP 1.5 (0.08 USD) to EGP 2 and includes popular brands such as Cleopatra Box, Cleopatra Super, and Mondial. This is the second time in approximately six months that Eastern Company has raised prices. In March, the company increased the prices of 10 different local cigarettes by varying degrees ranging from 4.3% to 9.5%.
According to a report by Orient Company, the after-tax net profit for the first nine months up to March was 4.25 billion Egyptian pounds, an increase of 9% compared to the same period in 2021. During the period from July 2021 to March 2022, sales increased by 6% to reach 51.47 billion Egyptian pounds, compared to 48.74 billion Egyptian pounds in the same period last year.
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