BAT reports 86% profit, to pay dividend of K32 million to shareholders


The British American Tobacco (BAT) Zambia has posted an increase in profit before tax of 86 percent totaling K165.7 million in 2022.

This was from the K89.3 million recorded the previous years, according to Managing Director Sovenasen Moodley.

Moodley indicated that the earning per share for the year under review increased by 47 percent compared to the prior year.

For the financial year under review, he said they will pay a dividend of K31,869 million to its shareholders.

Moodley said the board at his annual general meeting approved a payment of 0.15 ngwee per dividend.

He said his firm also contributed 48 percent to the treasury, which is an increase from K245.6 million in 2021 to K364.3 million in 2022.

Moodley said this at Lusaka Securities Exchange Bell ringing ceremony in Lusaka on Tuesday to mark the celebration of its achievements over the past financial year.

He said the company will continue to demonstrate its resilience in the middle of a challenging operation environment.

As a result of this, Moodley said the company recorded an increase in net revenue of 14 percent totaling K535.9 million from K470.2 million in the prior year.

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He said since the commissioning of the Lusaka South Multi Facility factory in 2019, 95 percent of its product portfolio is produced in Zambia.

“Anchored on a consistent regulatory environment, strong enforcement action on illegal traders of cigarette products and improving macroeconomic fundamentals, we foresee the continued growth and sustainability of the business in Zambia.

“In this regard, we are proud to state that as a business we will continue to support the development of the micro small and medium enterprises in Zambia as demonstrated by the support we have been providing to over 4,500 small and medium entrepreneurs (SMEs) in the form of business development skill training and direct investment in trade over the years,” Moodley said.

Speaking earlier, Lusaka Securities Exchange (LuSE) acting Chief Executive Officer, Miria Mazyambe, said it was exciting to witness companies ringing the bell to celebrate or showcase its achievements.

Mazyambe said celebrating BAT Zambia achievements on the public platform gave the public some insight into the company.

“It gives the public information on the company’s performance and what they are doing in the broader community. We are happy to have BAT Zambia today and we celebrate inter alia their being listed for 28 years,” she said.

Mazyambe encouraged other listed companies to use the exchange bell to celebrate and showcase their company’s significant milestone.

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