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Tanzania: Cigarette Firm's Turnover Hits $95 Million
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The East African (Nairobi)
24 March 2008
Posted to the web 24 March 2008
Wilfred Edwin
Nairobi
The Tanzania Cigarette Company Ltd (TCC) achieved a Tsh111 billion ($95 million) turnover during the year 2007, a 27 per cent increase compared with the previous year.
The company's chief executive officer, Simaan Matta, attributed the solid performance to strong volume and pricing growth.
Mr Matta said the company's operating profit increased by 38 per cent compared with the previous year to reach Tsh33.5 billion ($33 million) as of December 31, 2007.
The audited results showed net profit up 56 per cent to reach Tsh24.4 billion ($24 million). The company paid the government Tsh90 billion ($90 million) in excise duty, value added tax and corporate tax, a 25 per cent increase compared with the previous year.
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According to Mr Matta, the board has proposed a final ordinary gross dividend of Tsh75 ($0.75) per share, which together with the gross interim dividend of Tsh75 ($0.75) per share paid in October 2007, the total dividend to Tsh150 ($1.5).
But with the additional gross special dividend of Tsh25 ($0.25) per share declared by the board, the total gross ordinary dividend and the gross special dividend will be Tsh175 ($0.75) for the year, an increase of 75 per cent compared with the previous year.
Mr Matta said TCC forecasts a continued volume and profitability growth in 2008, albeit at a slower pace than was achieved in 2007.
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