info.afrindex.com
China-Africa Trade Information Service
info.afrindex.com
China-Africa Trade Information Service
Photo from BAT
British American Tobacco (BAT) had accrued net profits of KSh 2 billion in its half-year. It makes such huge interet under tough local environment.
According to cigarette maker's Kenya Managing Director, Beverley Spencer Obatoyinbo, this marked a 3.4% surge in profits compared to the same period in 2017 when the company raked KSh 1.94 billion.
BAT Kenya Managing Director, Beverley Spencer Obatoyinbo said this marked a 3.4% surge in profits compared to the same period in 2017 when they raked KSh 1.94 billion.
Obatoyinbo attributed the profits to lower costs of operation and a swelling export rate.
"During the first half of 2018, profit after tax increased by 3.4% to KSh. 2 billion while gross revenue increased by 1.9% to KSh. 17.5 billion. This was driven by growth in export volumes and revenues and follows a particularly difficult 2017."Obatoyinbo explained.
British American Tobacco (BAT) on Friday, July 20 announced it had accrued net profits of KSh 2 billion in its half-year period that came to a close on Saturday, June 30.
The profits came even after the government increased levies on cigarettes and alcoholic drinks terming them as luxuries. Currently, there is a proposed Financial Bill 2018 which also seeks to levy an additional 5.2% excise duty on cigarettes, wines, water, petroleum products and juices.
The MD urged the government to consider putting more resources in creating an environment favorable to business noting that the protracted 2017 electioneering period dealt a blow to businesses in the country.
