Dar es Salaam. Tanzania Cigarette Public Limited Company (TCC Plc) has increased its dividend for shareholders by 23 percent after the company braved challenges to register double-digit growth in profitability.
The firm said yesterday that its gross profit jumped by 16.2 percent to Sh69.2 billion in 2022 from Sh59.6 billion in 2021.
As a result, the company’s board recommended a final gross dividend payment of Sh370 per share, which is Sh70 more than what was paid in 2021.
TCC board chair Paul Makanza said the increase in profitability prompted the decision.
“Given the strong cash position and in line with our dividend policy of 90 to 110 percent pay-out ratio, the board of directors recommended a final gross dividend payment of Sh370 per share. This final dividend will be paid out to shareholders on or around May 11, 2023, subject to shareholders’ approval at the Annual General Meeting of shareholders (AGM) scheduled for April 21, 2023,” Mr Makanza said.
The final gross dividend plus the interim one which was paid out in November 2022, will bring the total gross dividend for the year ended December 31, 2022, to Sh670 per share.
“We closed 2022 with strong domestic sales results with a record-breaking volume of 5.7 billion sticks which is 10 percent higher than what was recorded in 2021,” said TCC CEO Takashi Araki.
The company manufactured nine billion sticks in 2022 which was a seven percent growth compared to 8.6 billion manufactured in 2021.
“This was driven by an excellent export performance which grew by 18 percent with the Democratic Republic of Congo being the major contributor,” said Mr Araki.
With such performance, TCC contribution to the government revenues in 2022 rose significantly, with value-added tax (VAT) and excise tax contributions increasing by nine percent to Sh243 billion compared to Sh223 billion in 2021.
Mr Araki attributed the company’s performance to the firm’s strategy of route to consumer/market; the portfolio of its quality products and its strong partnership with stakeholders, including wholesalers among other factors.
Meanwhile, Mr Araki – who has worked in the tobacco industry for almost three decades – exuded TCC appreciation to the government for its continuous efforts in improving Tanzania’s business environment.
“We appreciate the government continuous efforts to ensure an improved investment environment in the country. We are pleased that peace and stability, which is an important element for economic growth, continue to be maintained thus assuring investors of a sustainable operating environment,” he said.
The government decision to stabilize excise tax on cigarettes in the past three years, has supported TCC business growth which also allowed the company to increase its contribution to government revenues through taxes, he added.
The existence of the 75 percent domestic tobacco content (DTC) incentive for cigarette manufacturers using at least 75 percent of locally sourced tobacco, has a significant contribution to the local manufacturer.
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Tanzania: Samia Hands Over NBC’s 354m/ – Crop Insurance Compensation to Farmers Affected By Hailstorms
President Samia Suluhu Hassan, has handed over a cheque of 354m/- from the National Bank of Commerce (NBC) as compensation to tobacco farmers, who were affected by hailstorms during the previous farming season in various regions across the country.
Handing over the cheque in Dodoma, the compensation is part of the crop insurance service provided by NBC in collaboration with the National Insurance Corporation (NIC).
Furthermore, President Samia has also handed over health insurance coverage to members of the Lindi Mwambao Cooperative Union based in Lindi Region, through the Farmers’ Health Insurance service provided by the bank in partnership with Assurance Insurance Company.
While visiting the bank’s pavilion at the Nanenane Agricultural Exhibition and being received and briefed by the bank’s Managing Director, Mr. Theobald Sabi, she said: “This crop insurance is one of the crucial solutions in ensuring farmers have a reliable income, without fear of challenges such as natural disasters, including hailstorms.
“I call upon all farmers in the country to make the best use of this important opportunity by accessing these kinds of insurance services. I also highly commend NBC and all the stakeholders participating in this programme.”
Elaborating further on the crop insurance service, the Minister of Agriculture, Hussein Bashe, stated that it will help to recover the loss farmers incurred, especially in various calamities beyond their control.
Citing them as floods, fires, and hailstorms, which have significantly affected the well-being of farmers and caused some to be reluctant to invest in the crucial sector, Mr Bashe added: “However, our President, this step by NBC is just the beginning, as this is the second year since they started offering this service, and the results are already visible.
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“As the government, we promise to continue supporting the wider implementation of this service, with the goal of ensuring that this crop insurance service reaches more farmers.”
ALSO READ: NBC participates in TFF 2023/24 awards, promises to enhance competition
On his part, Mr Sabi said that the farmers who benefited from the compensations are from 23 primary cooperative unions in the regions of Shinyanga, Geita, Tabora, Mbeya, Katavi, and Kigoma.
He added: “In addition to these insurance services, as a bank, through this exhibition, we have continued with our programme of providing financial education and various banking opportunities to farmers, alongside offering them various loans, including loans for agricultural equipment, particularly tractors, to eligible farmers.:
At the NBC booth, President Samia also had the opportunity to be briefed on the various services offered by the bank to the farmers namely crop insurance and health insurance services.
There, the President had the chance to speak with some of the beneficiaries of the services, including the Vice-Chairman of the Lindi Mwambao Primary Cooperative Union, Mr. Hassan Mnumbe, whose union has been provided with a health insurance card from the bank.
Source: allafrica.com
Africa: Rwanda Gets a Grip Of Marburg, But Mpox ‘Not Yet Under Control’
Monrovia — The Rwanda Minister of State responsible for Health, Dr. Yvan Butera, cautioned that while the country is beginning to see positive signals in its fight against the Marburg virus, the outbreak is “not yet over”. He, however, expressed hope that “we are headed in that direction”. The minister said the epidemiology trend, since the disease was first discovered in the country more than a month ago, is moving towards fewer cases.
Dr. Butera, who was giving updates during an online briefing yesterday, said in the past two weeks, only two deaths were recorded while 14 people recovered from the disease. He said Rwanda was expanding its testing capacity with 16,000 people already inoculated against the disease.
The priority right now, Butera said, is “rapid testing and detection”.
Marburg is a highly virulent disease transmitted through human-to-human contact or contact with an infected animal. The fatality rate of cases, which has varied over the period, is more than 50%, according to the World Health Organization. WHO said the highest number of new confirmed cases in Rwanda were reported in the first two weeks of the outbreak. There’s been a “sharp decline” in the last few weeks, with the country now tackling over 60 cases.
At Thursday’s briefing, a senior official of the Africa Centers for Disease Control, Dr. Ngashi Ngongo, said mpox – the other infectious disease outbreak that countries in the region are fighting – was been reported in 19 countries, with Mauritius being the latest country to confirm a case. He said although no new cases have been recorded in recent weeks in several countries where outbreaks occurred previously – including Cameroon, South Africa, Guinea, and Gabon – Uganda confirmed its first Mpox death. This, he said, is one of two fatalities reported outside Central Africa.
Dr. Ngashi revealed that there was an increase in cases in Liberia and Uganda. He said mpox cases were still on an upward trend.
“The situation is not yet under control.”
Source: allafrica.com
Serikali: Sampuli zilizochukuliwa hazijathibisha virusi vya Marburg
Wakati Shirika la Afya Duniani (WHO) likisema watu wanane wamefariki dunia kutokana na ugonjwa unaoshukiwa kuwa wa virusi vya Marburg (MVD) mkoani Kagera, Wizara ya Afya ya Tanzania imesema sampuli zilizochukuliwa hazijathibitisha uwepo wa virusi hivyo.Continue Reading
