The Clap
Eastern Company (EAST) announced a decrease in its profits during the 2021-2022 fiscal year by 5.8% YoY, recording EGP 4.03 billion.
The Deets
The decrease in profits occurred despite the 6% increase in revenues YoY, which reached EGP 68 billion.
According to the company, the main reasons for the decline in profits were the early retirement system and the settlement of taxes that were owed by the company for years.
Early Retirement
The early retirement system allows company employees the opportunity to retire from work voluntarily, with financial advantages, without the need to wait for the age of 60.
Need to Know
Eastern Company recently increased the prices of many of its products due to the high prices of imported raw materials.
Eastern Company’s profits affected 📉
