Eastern Company has increased the price of all its products including cigarettes, cigars, and hookah tobacco, reports Daily News Egypt.
The company’s board of directors approved and submitted the new consumer prices to the Egyptian Exchange (EGX), effective from 25 March.
The new increase ranged from EGP 2 (USD 0.06) to 3 (USD 0.09) per pack, bringing the price of a Cleopatra Brown box to EGP 15 (USD 0.48), Cleopatra king size to EGP 23 (USD 0.74), and Viceroy to EGP 33 (USD 1.06), the report said.
Hani Aman, Managing Director and CEO of Eastern Company, said that the company has been facing many challenges for a long time, and that the continuous increase of all production inputs and raw materials have led to an increase in product prices. Aman added that the company’s decision to raise product prices came after a long study, to reflect the change in costs related to the exchange rate. This would be reflected in taxes that the company pays. He added that currently the financial and tax implications of the new increase are being studied as Eastern Company is listed on the EGX.