Eastern Company’s profit shrinks 2% YoY in 9M-23/24

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Eastern Company posted a 2% year-on-year (YoY) decline in net profit to EGP 5.17 billion during the first nine months (9M) of the fiscal year (FY) of 2023/2024 from EGP 5.29 billion.

Net sales declined by 5% YoY to EGP 13.71 billion in 9M-23/24 from EGP 14.49 billion, according to the interim financial indicators.

The earnings per share (EPS) reached EGP 1.99 in the nine-month period that ended on 31 March 2024, down from EGP 2.22 in the comparative period a year earlier.

Quarterly Results

During the third quarter (Q3) of FY23/24, Eastern Company’s net profit surged by 26% YoY to EGP 2.27 billion from EGP 1.80 billion.

Revenues jumped by 25% YoY to EGP 5.79 billion in Q3-23/24 from EGP 4.63 billion.

Quarter-on-quarter (QoQ), net profit soared by 28% from EGP 1.77 billion, while revenues jumped by 20% from EGP 4.82 billion.

Earlier in May 2024, Philip Morris International (PMI) acquired a 14.70% stake in Eastern Company.

It is worth noting that the Egypt-listed company’s net profit plunged to EGP 2.89 billion in the first half (H1) of FY23/24 from EGP 3.48 billion in the corresponding period a year earlier.