CAIRO – 18 March 2021: The issuance of operating licenses in Egypt is an inherent right of the Egyptian government through the Industrial Development Authority, and that it is not a party to this decision, Eastern Company said. This came in the company’s commentary on published news regarding the Egyptian government's intention to issue a new license to produce cigarettes in the Egyptian market, noting that the company does not have official information regarding the decision. Previously, the Eastern Company announced an increase in its profits during the first seven months of the fiscal year 2020/2021 by 17 percent, to reach LE 2.95 billion, compared to LE 2.52 billion during fiscal year of 2019/2020. The company said that the revenues amounted to LE 37.7 billion during January-to-July period current fiscal year, compared to LE 33.7 billion in the same period of last fiscal year. Eastern Co. operates within the food, beverage and tobacco sector focusing on tobacco.

Source: Egypt Today March 18, 2021 12:11 UTC