BAT records 5.6% growth
By PATRICK KABWEBRITISH American Tobacco (BAT Zambia) PLC has recorded a 5.6 per cent growth in sales volume for the year ended.
Finance director and company secretary, Benedict Mwila said the company’s improvement resulted in posting a sales volume of 851 million cigarette sticks.
He attributed the growth to optimising coverage to untapped areas in addition to the country-wide coverage the company has.
According to BAT summary results for the year ending December 2007, the company remained committed to contributing its shares to Government’s revenues through payment of various taxes.
Mr Mwila said Government in 2006 increased the excise rate from 115 per cent to 145 per cent and introduced a minimum specific excise rate of K90, 000.
He said the changes had a huge significance on the overall performance of the company, which resulted in the total Government levies paid by the company substantially increasing by 67.8 per cent to K97.3 billion in 2007.
Mr Mwila said the Board of Directors proposed the payment of a final dividend for the year of K55 per share totaling K11, 685 million.
The decision awaits approval by members at the annual general meeting slated for March 27.
He disclosed that the proposed final dividend, when added to the interim dividends declared in 2007 amounted to K40 per share (total K8, 498 million) would make a total dividend for the year of K20, 183 million compared to K38, 242 million in 2006.
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