Egypt’s top cigarette maker Eastern Company is planning to achieve revenues worth 300 million Egyptian pounds ($16.7 million) within the financial year 2017/2018 from its latest cigarette price hike, Chief Executive Ali Saad El Din said Tuesday.
Saad El Din further stated that revenues will cover a portion of the rise in production costs incurred by the company.
“We have has no schemes to increase our product prices again this yea,” the Egyptian official noted.
In June 2017, Saad El Din Eastern Company has announced an increase in the prices of several of its products ranging between around 0.50 pounds and 2.25 pounds.
“The price of Cleopatra King Size cigarettes increased to 11.5 pounds per pack from EGP 10.5, while Cleopatra Queen’s price rose to 12.5 pounds from 12 pounds,” he showed.
Moreover, Saad El Din referred that the company’s ordinary general meeting (OGM) recently approved the budget for the financial year 2017/2018.