SHAREHOLDERS of the biggest brewer in the country, Tanzania
Breweries Limited (TBL) have approved dividends amounting Tsh59 billion
for the operating year which ended on March 31, 2012. This translates
into Tsh200 per share. The proposed dividends also translate into 17 per
cent yield from investment, the highest among the equity markets in
Tanzania.
TBL Board Chairman Cleopa David Msuya said this at the company’s annual general meeting which was held in Dar es Salaam yesterday.
This degree of performance has made TBL one of the most profitable companies among those listed with the Dar es Salaam Stock Exchange (DSE).
In the event, TBL's share price stood at Tsh2600 yesterday.
Msuya said that, during the company's 2011/12 financial year, April 2011 to March 2012, TBL performed positively, despite the economic challenges and increased competition in the beer market, as well as the fall in value of the local currency and severe power shortages.
“However, despite all the challenges which we faced during the year, the company has managed to perform positively in beer manufacturing, distribution and sales,” he said.
“Through this
TBL Board Chairman Cleopa David Msuya said this at the company’s annual general meeting which was held in Dar es Salaam yesterday.
This degree of performance has made TBL one of the most profitable companies among those listed with the Dar es Salaam Stock Exchange (DSE).
In the event, TBL's share price stood at Tsh2600 yesterday.
Msuya said that, during the company's 2011/12 financial year, April 2011 to March 2012, TBL performed positively, despite the economic challenges and increased competition in the beer market, as well as the fall in value of the local currency and severe power shortages.
“However, despite all the challenges which we faced during the year, the company has managed to perform positively in beer manufacturing, distribution and sales,” he said.
“Through this
, we have managed to close the financial year in good terms, business-wise!”
According to the financial results, the company's profit increased by 30 per cent, to Tsh239 billion, during the year 2011/12 financial year which ended on March 31, 2012, rising from the Tsh219 billion recorded during the year 2010/11 financial year ended on March 31, 2011.
The results also show that the company paid various taxes amounting Tsh312 billion in all, which was a growth of 32 per cent compared with the previous year. The taxes include corporate tax, income tax, value-added tax and excise duty.
Speaking during a press briefing on the sidelines of the meeting, the company's managing director, Robin Goetzsche, said the main drivers of the good performance were increased sales volumes of the company's products; improved brands performance; general economic growth and the growth of non-alcoholic products.
Noting that the business outlook is still positive, Goetzsche said plans are under way to upgrade the Arusha beer plant to sustain the manufacturing and distribution of the company’s brands.
He said the company will further enter the beer market soon, especially the Kenya market, following the end of the contract with the East African Breweries Limited after the latter acquired Serengeti Breweries Limited in Tanzania.
“We would like to see continued business growth in future,” he said.
He also said that the company will continue to support the community in the form of corporate social responsibility (CSR) by allocating one per cent of its profits, mainly to water projects.
According to the financial results, the company's profit increased by 30 per cent, to Tsh239 billion, during the year 2011/12 financial year which ended on March 31, 2012, rising from the Tsh219 billion recorded during the year 2010/11 financial year ended on March 31, 2011.
The results also show that the company paid various taxes amounting Tsh312 billion in all, which was a growth of 32 per cent compared with the previous year. The taxes include corporate tax, income tax, value-added tax and excise duty.
Speaking during a press briefing on the sidelines of the meeting, the company's managing director, Robin Goetzsche, said the main drivers of the good performance were increased sales volumes of the company's products; improved brands performance; general economic growth and the growth of non-alcoholic products.
Noting that the business outlook is still positive, Goetzsche said plans are under way to upgrade the Arusha beer plant to sustain the manufacturing and distribution of the company’s brands.
He said the company will further enter the beer market soon, especially the Kenya market, following the end of the contract with the East African Breweries Limited after the latter acquired Serengeti Breweries Limited in Tanzania.
“We would like to see continued business growth in future,” he said.
He also said that the company will continue to support the community in the form of corporate social responsibility (CSR) by allocating one per cent of its profits, mainly to water projects.
Tanzanian Shilling Exchange Rate