Eastern Company unveils $90mln profits in H1-23/24, capital raise

Cairo – Eastern Company generated EGP 2.89 billion in net profit after tax during the first half (H1) of fiscal year (FY) 2023/2024, an annual drop of 17% from EGP 3.48 billion.

The revenues shrank by 20% to EGP 7.92 billion in H1-23/24 from EGP 9.86 billion in H1-22/23, according to the financial statements.

Financials for Q2-23/24

In the second quarter (Q2) of FY23/24, the net profits after tax plunged by 15% year-on-year (YoY) to EGP 1.77 billion from EGP 2.08 billion.

Net revenues declined by 9% to EGP 4.82 billion in Q2-23/24 from EGP 5.27 billion in Q2-22/23.

On a quarterly basis, the Q2-23/24 net profits enlarged by 58% from EGP 1.12 billion in Q1-23/24, while the revenues hiked by 54% from EGP 3.12 billion.

Capital Hike

The board members of Eastern Company approved increasing the issued capital from EGP 2.23 billion to EGP 3 billion, using part of the reserve balance for the benefit of old shareholders.

In this regard, the EGX-listed firm will use EGP 770 million from the reserve balance registered in the financial statements for the period ended on 31 December 2023.

The raise amount will distributed to old shareholders at a rate of 0.34 shares for each share. Moreover, the authorised capital will stand at EGP 15 billion.

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