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LISTED cigarette maker, British American Tobacco Zimbabwe (BAT) says cigarette volumes for the half year to June slightly missed the projected targets.
The company’s managing director Lovemore Manatsa told journalists on the sidelines of the annual general meeting that volumes were 1 percent down from the same period last year.
“We are tracking in line with our target. We are just down by about 1 percent but we hope the second half of the year will be much better and improved. Hopefully we will claw back the 1 percent in the second half of the year to bring us in line with our target,” he said.
Although he did not provide figures for the projected targets, Manatsa said the company normally hits optimal volumes in the second half of the year and this would make sure BAT stays on target for the full year.
He said the company would introduce a new trade initiative that will boost volume sales.
“We have a few plans to jazz up our brands particularly Madison. We are talking of Limited Edition Packs. It is basically to reward our consumers. Obviously on the back of that we should expect to push optimal volumes,” he said.
He said the promotion would start running in June.
Manatsa added that the company was focusing on the local market but would be open to new markets should the opportunity arise.
“We are sticking to our business model and are satisfied with the local market we target. Of course we will explore export market should the opportunity present itself,” he said.
Shareholders approved a dividend of 18 cents per share after the company posted a full year to December 31 net profit of $9,5 million of which $3,8 million was attributable to shareholders. – BH24
derick.khumalo