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Monday, 9 May 2022

Earnings watch: Eastern Company

Eastern Company’s bottom line fell 1% y-o-y to EGP 1.3 bn in 3Q 2021-2022, the company said in an earnings release (pdf). The drop in earnings came despite a 7% rise in net revenue to reach EGP 4.2 bn. The local cigarette maker reported a 9% rise in earnings in the first nine months of its fiscal year, which came in at EGP 4.3 bn. Revenues rose 5% to EGP 12.8 bn over the same period. Eastern’s fiscal year runs July-June.

Supply chain snags are posing problems for the company, which is facing raw material shortages and shipping disruptions, CEO Hany Aman told CNBC Arabia (watch, runtime: 5:00) yesterday. “We were able to overcome most of the challenges. … If we find a problem [in the access] to any raw material, we search for replacements,” he said.

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