Tobacco giant Eastern Company saw its net income rise 69% y-o-y in 4Q FY 2023-24 to EGP 4.0 bn, according to the company’s latest financial statements (pdf). Revenues were up 103% y-o-y for the quarter, reaching EGP 6.7 bn, which the company attributed to a 28% y-o-y increase in sales.

For the full year: The company saw its net income rise 20% y-o-y to EGP 9.2 bn during the fiscal year 2023-2024. Revenues were up 15% y-o-y to EGP 20.4 bn thanks to a 14% y-o-y increase in cigarette sales.

It was a busy (fiscal) year for Eastern: UAE-based Global Investment Holding (GIH) became the largest shareholder in the state-owned tobacco giant in November 2023 in a USD 625 mn transaction that marked the largest transaction of the state’s privatization strategy since it was rebooted earlier in the year. A few months later in May 2024, US-based tobacco behemoth Phillip Morris acquired an indirect 14.7% stake in Eastern from GIH.

Dividends pay out: The company could pay a dividend of EGP 2.7 per share on its earnings for the year. The move is up for discussion during the company’s next general assembly scheduled for 26 September.

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