Kenya: Bat After Tax Profit Jumps 19 Percent to Sh1.76 Billion

Source from:  All Africa 02/25/2011

Nairobi - British American Tobacco has reported a 19 per cent increase in its profits after tax for the financial year ended December 31, 2010. The company realised Sh1.76 billion in the 12-month period compared to Sh1.5 billion it had in the previous year. In a statement to the Nairobi Stock Exchange, the company attributed the results to among others, cost management. Additionally, an improved domestic business environment saw the volumes increase by about 3 per cent. "The domestic volume increase coupled with overhead cost control measures across the business resulted in growth in revenues and profit before tax," company secretary Ms Ruth Ngobi, said in a statement. Revenue for the listed manufacturer grew by 22 per cent in the year under review from Sh11 billion in 2009 to Sh13.5 billion at the end of 2010. Profit before tax for the cigarette manufacturer stood at Sh2.7 billion compared to Sh2.1 billion in a similar period in 2009. On the other hand, finance costs went down by Sh217 million compared to Sh112 million in the previous year. At the stock market, the firm traded at Sh274 with 3000 shares exchanging hands. In the last 12 months, the company has hit a high of Sh300 and a low of Sh166 on its share price. Enditem