adminrose to US71c from US28c the previous year on the back of an improved economic environment.
Dividend per share was US42c, up from US23cthe prior year, with turnover for the period jumping to US$51,8 million from US$39,8 million in 2011.
Operating profit was US$12,3 million, representing a 151 percent improvement from the previous year.
In a statement accompanying the results, group chairman Mr Kennedy Mandevhani said the company continued to respond to improved economic
activity.
“The business continues to take advantage of prominent brands, strong distribution network, high quality and good customer relations to maintain the industry leadership position,” he said.
Mr Mandevhani said the group expected to continue achieving improved results after successfully complying with the Indigenisation and Empowerment Regulations.
“We continue to place emphasis on promoting sales growth across the product portfolio while also ensuring that demand for all products is met at all times on a national basis.”
He said cigarette sales continued to be a major driver to national sales volumes with the Madison brand contributing 68 percent as a result of improved marketing and distribution.
Mr Mandevhani said export sales of cut rag volumes to Mozambique decreased against the same period last year by 16 percent after the leaf procurement process was revised and new sources identified.
BAT was last year fingered in alleged industrial espionage involving an estimated R100 million worth of cigarettes that local rival companies lost to armed syndicates in transit to South Africa in 2012.
The allegations arose after Savanna Tobacco, Kingdom, Breco trading as Fodya Private Limited, Trednet, Catrag and Chelsea allegedly lost cigarettes worth R100 million to organised hijackings.
The matter is still before the courts. – New Ziana.
Online Reporter