Egypt’s Eastern Company for Tobacco announced Sunday it has produced cigarettes worth 83 billion Egyptian pounds during the financial year 2016/2017 from 80 billion pounds during the financial year 2015/2016.
According to financial report sent by the company to the Egyptian stock market today, its sales in the local market totaled 36.7 billion pounds in financial year 2016/201, compared to 28.5 billion pounds in the previous year.
Meanwhile, exports reached 103.5 billion in financial year 2016/2017, compared with 66.6 billion pounds in financial year 2015/2016.
While the revenue figures show an increase in terms of Egyptian pounds, the gains in real terms must factor in the devaluation of the Egyptian pound at the end of 2016. In January 2016, the US dollar was valued at around 8 pounds, while in January 2017, it cost 18 pounds, due to the Egyptian government’s decision to devalue the currency.
The company has also produced 16,800 tonnes of sheesha tobacco during financial year 2016/2017, less than the 17,600 tonness of the previous year.
The company’s overall production for 2016-17 totals 37.8 billion pounds, an increase on the 31.6 billion pounds from 2015-16.
Around 20.2 percent of Egyptians over the age of 15 are smokers, according to figures for 2016 released by state-run statistics agency CAPMAS.
Of Egypt’s total population of 93 million, an estimated 12.6 million people are smokers, according to the data. The over-15 age group represents approximately 62 percent of the total population.
Around 23.8 percent of those aged 25 to 44 are smokers.
The average annual spend on smoking for households where all members smoke is 3,968 pounds, with an average monthly spend of 331 pounds.
Source: Ahram online
