Egypt's Eastern Company likely to increase tobacco prices by 17% annually over 5 years

The brokerage predicts that the state-owned company’s revenues will soar by 78 percent from FY2022/2023 to the end of FY2027/2028.

The company’s local production is likely to decline by an average of six percent annually in FY2022/2023 and FY2023/2024, according to Pakinam El-Etriby, consumers analyst at HC.

However, production is expected to stabilize and increase by an average of five percent annually over the following three fiscal years (ending in June 2028), El-Etriby stated.

Annual production is expected to reach 71.9 billion cigarettes by June 2028, he added.

HC Brokerage is a subsidiary of HC Securities and Investment, a leading investment bank in Egypt and the MENA region.