We have extracted the financial summary from the abridged report of Tanzania Cigarette Company Limited listed on the Dar es Salaam Stock Exchange under the share code TCC.tz. Tanzania Cigarette Company is a manufacturer,distributor and exporter of cigarette brands such as Camel, Winston and Sweet Menthol Safari Club to Mozambique, Zambia and the D.R.C
The following is an excerpt from the abridged report;
Overall volume grew 5% on prior year driven by robust volume growth in the key export market of the Democratic Republic of Congo (DRC). Coupled with pricing in the domestic market and improved product mix, gross turnover increased by 4.3% to TZS 506.7 billion in the same period. This top line growth and operational cost efficiencies have resulted in a profit after tax of TZS 47.9 billion, up 5.7% on prior year.
In view of the strong results, short to medium term operational and investment needs to sustain growth, the Directors have recommended a final gross dividend of TZS 250 per share (2017: TZS 200 per share). When added to the interim gross dividend of TZS 200 per share paid out in November 2018, the total dividend for the year ended December 31, 2018 is TZS 450 per share (2017: TZS 400 per share).
The final gross dividend will be paid on or about May 07,2019 subject to shareholders’ approval at the Annual General Meeting on April 3, 2019. Shares will trade cum-dividend until April 08, 2019
Optimistic about the future
The Board and Management of TCC Plc remain optimistic about the future performance of the company, subject to a conducive business environment and macro-economic stability. The launch of the “Blue Print for Regulatory Reforms” to improve the business climate is very encouraging. We hope its recommendations will be implemented. On-going significant investments in energy and transport infrastructure to unlock further business opportunities in and outside Tanzania point to a bright future. We are optimistic that the government will sustain the positive macro-economic achievements of 2018 and that peace and stability will prevail in the DRC.