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Listed cigarette manufacturer British American Tobacco Zimbabwe says it expects an improved performance in the second half of the year after posting a flat trade performance in the first quarter of its current fiscal year.The weak performance has been attributed to depressed demand for BAT’s products during the period under review, resulting from constrained liquidity on the market.
BAT managing director Lovemore Manatsa told the company’s 55th annual general meeting that they expect an improved performance in the second half of the year, if the firm’s historical trends are anything to go by.
“In terms of the company performance for the year to date our numbers are flat from the prior year. We however expect our business to pick up in the second half of the year which is a traditional trend.
“We also have a number of initiatives and strategies that will come into effect during the course of the year and these we hope will assist us in attaining our targets for the year . . . this is based on historical trends,” he said.
The cigarette manufacturer is one of the better performing industrial firms with an operating of 75 percent, compared to an industry average of around 36 percent.
Since 2010, BAT has invested over $6 million into the business.
Meanwhile, the AGM saw the company’s shareholders approved the payment of an interim dividend of $0,30 per share as well as declaration of a final dividend of $0,50 per share for the year ended 31 December 2014.
The shareholders also re-elected directors Kennedy Mandevhani and Angela Mashanyare.
BAT has also appointed KPMG Chartered Accountants (Zimbabwe) as its auditors, to replace retiring auditors Pricewaterhouse Coopers Chartered Accountants (Zimbabwe). — BH24
Bongani Moyo
Online Reporter