Eastern Company’s board has approved renewal contracts for joint production agreements with Al Mansour International Distribution Company and British American Tobacco Egypt.

The five-year contract signed with Al Mansour International for the production of Target cigarette brand will be effective from 26 April 2019 to 25 April 2024, Egypt’s monopoly cigarette maker said in a bourse statement on Wednesday.

Moreover, the contract inked with British American Tobacco for the production of Pall Mall and Viceroy brands will last for five years, from 3 June 2019 to 2 June 2024.

Eastern Co. reported a 12.6% year-on-year decrease in its net profits for the first half of fiscal year 2018/2019, recording EGP 2.02.

-Mubasher