Tanzania Breweries Limited shareholders approve Sh537 per share dividends

Dar es Salaam. Shareholders of Tanzania Breweries PLC yesterday approved the payment of Sh537 per share in dividend payout that is worth Sh158.4 billion for the year ending December 31, 2023.

“This illustrates TBL PLC’s commitment to delivering consistent returns to its esteemed shareholders,” said TBL board chairman Mr Leonard Mususa in a statement released after its 51st Annual General Meeting (AGM) at the Julius Nyerere International Convention Centre on July 25.

“We are proud to announce that despite the challenging operating conditions in 2023, including global geopolitical tensions and local excise duty hikes, TBL PLC demonstrated resilient growth and delivered significant value to our shareholders,” he added.

TBL has reported resilient growth and profitability to the tune of Sh224 billion, which is an increase of four percent over the previous year.

In fact, TBL Group’s revenue increased by 12 percent to Sh1.27 trillion in the year under review.

TBL also paid Sh586 billion in taxes to the government in 2023, compared to Sh528 billion the year before, according to the statement.

The AGM involved the approval of the appointment of PricewaterhouseCoopers as the external auditors for the upcoming financial year ending December 31, 2024.

Revenue growth was driven by both beer and spirits, with significant contributions from the core and core-plus segments of the beer business and spirits, the firm stated.

Looking forward to 2024, the firm believes that the formal alcoholic beverage industry remains relevant in Tanzania and there could be more opportunities ahead to expand markets of beer and other beverages.

“We will continue putting our consumers and customers at the centre of what we do and continue executing our tried-and-tested commercial plan to accelerate the pace of business growth,” said Mr Mususa.

TBL procures over 74 percent of its raw materials from within the country, directly and indirectly supporting the creation of over a million jobs throughout its supply chain.