TANZANIA CIGARETTE COMPANY LTD REPORTS A 9.2% DECLINE IN PROFIT
Tanzania Cigarette Company Ltd (TCC) has recorded Tshs 78 billion as profit for the year 2013 down from Tshs 85.9 billion recorded in the year ending ...
Tanzania Cigarette Company Ltd (TCC) has recorded Tshs 78 billion as profit for the year 2013 down from Tshs 85.9 billion recorded in the year ending December 2012, which is a 9.2 percent decline in profit after tax, according to a financial statement circulated by the company recently.
The company has attributed the fall of profit to the higher operating costs.
According to TCC, throughout the year, domestic sales were broadly flat with market share slightly lower than the preceding year.
TCC Chairman and Chief Executive Officer, Majd Abdou said that the stagnant in domestic market was a result of pressure on disposable income and increased competitors’ activities and contraband.
The company’s gross turnover grew 5.5 percent to Tshs 445.6 billion compared to Tshs 422.6 billion achieved in the year 2012 driven by pricing and double digit volume growth in export market, according to the TCC report.
Shareholders are also set to smile all the way to the bank as the company announced an annual dividend of Tshs 750 per share.
“Based on the 2013 performance, the Board of Directors has recommended a final gross dividend of Tshs 200 per share and a special gross dividend of Tshs 250 per share,” said Mr. Abdou.
When added to the interim dividend of Tshs 300 per share paid in October 2013, the total dividend for the year totals Tshs 750 per share.
“The final gross ordinary and special dividends will be paid in May this year,” he said.