Eastern Company revenues see 7.5% increase in 1H 2019/20

Eastern Company (EAST) revenues rose 7.5 percent Y-o-Y, recording EGP 7.69 billion in the first half of FY 2019/2020, according to a company financial statement.

EAST’s gross profits jumped by 13.8 percent Y-o-Y to EGP 3.15 billion, which represents a 9.3 percent Y-o-Y increase in net profits to EGP 2.2 billion, driven by an increase in volume and better pricing compared to the previous period.

Gross profit margins, as well, expanded by 230bps Y-o-Y to 41 percent in 1H 2019/20.

In the second quarter of FY2019/2020, revenues increased by 6.5 percent Y-o-Y, recording EGP 3.97 billion, while gross profits grew by 14.5 percent Y-o-Y to EGP 1.66 billion.

The top Egyptian tobacco producer is the first state-owned company to be offered in the bourse under a governmental initial public offering (IPO) in 2019 which saw it sellijng a 4.5 percent stake in the stock exchange.