Net profit of EGP1bn, an achievable target!
Eastern reported FY 2014/2015 revenues up by 17.4%, yoy, to EGP7.102bn. The production of cigarettes was up by 8.93%, totaling 81.7 billion cigarettes vs. 75 billion cigarettes, yoy. We note that the staff costs increased by 18.18% after removing to the new complex of 6th of October. However, the EBITDA increased by 42.12% to EGP2.328bn in FY2014/15. The EBITDA margin stood at 32.8% vs. 27.1% a year ago. Due to this impressive operating performance, coupled with a decrease of interest expenses (-55.34%) as a result of a decline of its debts, the company was able to report a net profit of EGP1.155bn, 27.2% higher than FY 2013/14.EastPharma is a pharmaceutical company. Co. is engaged in the manufacture and marketing of branded and in-licensed generic pharmaceuticals in Turkey and other regional markets. Through its subsidiaries, Co. is engaged in the production and marketing of human pharmaceuticals, active pharmaceutical ingredients ("APIs") and veterinary products.
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