The listed tobacco manufacturer contributes to
"The company's contribution to the
"The key contributors of the increase in tax were excise duty and corporate tax driven by the increases in selling prices and profit before tax."
This was notwithstanding depressed output over the period under review as the company felt the impact of the Covid-19 pandemic.
For the six months under review,
"This affected the movements of people and their normal way of life such as visiting recreational facilities, where our products are normally consumed.
"The premium Brand, Dunhill, returned to the market as the company was now able to import the brand and consequently it recorded a significant increase of 184 percent versus the same period in prior year.
In the aspirational premium segment, Newbury volumes, declined by 10 percent whilst the value for money segment, (Madison and Everest) and low value for money brand (Ascot), recorded a 1 percent increase and 40 percent decrease respectively.
"These movements were driven by shrinking consumer disposable incomes due to the challenging economic environment and the Covid-19 pandemic's impact on sales."
But despite the lower volumes, the group performed better in financial terms.
Group revenues for the period under review rose 20 percent from
"The increase in revenue was driven by price increases taken during the period as well as revenue generated from the export of cut-rag," said Mr Manatsa.
"These two factors resulted in a gross profit increase of
The group's selling and marketing costs decreased by
Administrative expenses were
Resultantly, operating profit was 498 percent higher compared the same period last year.
Net profit attributable to shareholders for the period under review was
Earnings per share increased to
Cash generated from operations was a negative
Meanwhile, the company did not declare an interim dividend for the period under review on the basis of need to re-invest capital.
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