The Clap:
Government-owned cigarette manufacturer Eastern Company reported more than a 26% YoY jump in net profit in the three months ending in March, and also saw its top line grow 25% YoY.
Revenues:
The company saw its net sales surge 25% YoY in Q1 2024 to EGP 5.79 billion.
Gross profit:
Eastern Company recorded a 21.3% YoY rise in gross profits to EGP 2.29 billion.
EBIT:
The company saw its earnings before interest and taxes rise 43% YoY to EGP 2.2 billion.
Net Profit:
The company saw its bottom line surge 26.3% YoY in Q1 2024 to EGP 2.27 billion.
It recently inked a big knowledge transfer + cooperation pact:
Phillip Morris — which last week acquired a 14.7% indirect share in Eastern Company — inked an MoU with the Egyptian firm for long-term cooperation in manufacturing and product development, including heated tobacco offerings.
