BAT declares 18 cents dividend

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Turnall Holdings Limited says production capacity for tiles fell by 28% due to a fall in domestic demand. As a result the company is planning to explore new markets in the region. Last year Turnall Holdings was producing 42 000 tiles per day but due to a fall in demand for tiles and other construction products, the company is now producing 30 000 tiles per day. Turnall Holdings managing director John Jere said their production capacity has since dropped due to a fall in demand and the company is planning to explore new regional markets.– The Herald, 25 February 2014

BAT Zimbabwe’s volumes for the year ended 31 December 2013 declined by 17% as a result of the slowdown in the country’s GDP growth.The company’s management told an analysts briefing on Monday February 24, 2014 that the ongoing general affordability and liquidity challenges that consumers are facing had resulted in the decline.As a result revenue for the period at $44.6 million was 14% lower than prior year’s $51.8 million. Profitability at $3.7 million was a 69% reduction from prior year’s $12.2 million.Profitability was affected by a share based payment expense of $10.9 million. This expense is part of the Company’s compliance with Indigenisation and Economic Empowerment Legislation.The company declared a final dividend of 18 cents per share for the period. LES

By |February 25th, 2014|Categories: Headlines|

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Kudzanai Sharara
Kudzanai’s background in financial journalism with ZFN, combined with a continuing education in financial management, provide a solid grounding for his work in the research department.