Chronicle EditorListed 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 Mr 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,” he said.
The cigarette manufacturer is one of the better performing industrial firms with an operating capacity 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 approve the payment of an interim dividend of $0,30 per share as well as declaring a final dividend of $0,50 per share for the year ended December 31 2014.
The shareholders also re-elected directors Mr Kennedy Mandevhani and Mrs Angela Mashanyare. — BH24.
Online Reporter