By David Mugwe, The EastAfrican
Tanzania Breweries Limited (TBL) has increased
the amount it will pay in dividends for period ended March by 50 per
cent even though its profits after tax for the full year grew
marginally.
The company, which is a subsidiary of United
Kingdom based global brewer SABMiller, has said that it pay a total
dividend of Tsh300 ($0.19) for the full year ended March 2013 compared
to Tsh200 ($0.12) paid for the full year ended March 2012.
TBL posted Tsh177.12 billion ($109.3 million)
profit after tax during the twelve month period, a six per cent increase
when compared to the Tsh166.41 billion ($102.7 million) posted over the
twelve month period ended March 2012.
“The Board approved a total dividend for the year
of Tsh300 ($0.19) per share, which was 50 per cent higher than the
dividend declared last year. The dividend has been paid by way of a
first and second interim dividend of Tsh150,” said TBL in a statement
accompanying its full year financial results.
TBL’s shares at the Dar es Salaam Stock Exchange
(DSE) closed at Tsh3,280 ($2.04) on Monday, having gained 17.14 per cent
from Tsh2,800 ($1.73), its opening price at the start of this year.
As at the end of March last year, SABMiller owned a
169.7 million shares or 57.54 per cent of the brewer, making it the
single largest shareholder in TBL, followed by Unit Trust of Tanzania
and the Parastatal Pension Fund which had 13.23 million and 12.87
million or a 4.49 per cent and 4.23 per cent stake respectively.
In March this year TBL, acquired a 60 per cent
interest in Darbrew Ltd, a traditional beer company in Tanzania for $6
million in cash, in a move that it expects will help it grow revenues
going forward.
The brewer said that overall volumes for the year
declined compared to the prior year and this was blamed on by lower
consumption following a 25 per cent excise duty increase on beer in July
2012 which was passed onto the consumer.
“The majority of our brands were negatively
affected by this significant increase in excise and resultant selling
prices,” said TBL adding that Tanzania Distilleries Limited, another of
its subsidiaries continued to perform well with good volume and earnings
growth recorded during the year.
Total revenues however rose 11 per cent even with
the reduced volume to Tsh892.01 billion ($550.6 million) for the period
ended March 2013 from Tsh800.94 billion ($494.41 million) posted for the
period ended March 2012.
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