Dar es Salaam, April 26, 2023: Tanzania Cigarette Public Limited Company (TCC Plc) registered a record-breaking performance in terms of sales volumes in 2022, thanks to the company’s comprehensive business strategic approach, exceptional product portfolio, and steadfast partnerships.
TCC Plc’s Board Chairperson, Paul Makanza, laid bare the company’s outstanding achievements today while addressing the company’s shareholders and stakeholders in Dar es Salaam in its annual general meeting. He commended TCC’s performance of strong top and bottom-line growth, robust operating cash flows and increased shareholder value for the third consecutive year.
In his statement, Paul stated, “In terms of our financial results, I am pleased to report that our profit before tax (PBT) for the year increased by an impressive 23.7% to TShs. 106.8 billion, compared to TShs. 86.3 billion in 2021. Although our income tax increased by 40.2% due to prior years’ income tax adjustments, our profit after tax (PAT) still showed a remarkable increase of 16.2% to TShs. 69.2 billion from TShs. 59.6 billion in 2021. This growth in profit was driven by strong volume growth, operational efficiencies, and effective cost management.”
TCC Chairman Mr. Paul D Makanza addressing the TCC Shareholders during the 58th AGM in Dar es salaam.
According to the CEO and General Manager, Takashi Araki, domestic volumes reached 5.7 billion units during the period, which was a 10 per cent increase from 2021. Further, he noted, the company’s highest ever manufactured volume reached 9 billion units while at the same period, its profits grew by double digits.
CEO Takashi Araki speaking at the 58th AGM of TCC at Hyatt Regency Hotel
Araki attributed the secrets of the company’s impeccable achievements to its human resource, saying; “Our dedicated employees have been our greatest asset, enabling TCC Plc to be recognized as a top employer in Tanzania and Africa for five consecutive years. We will continue to invest in our people and foster a diverse, inclusive, and empowering workplace environment.”
He also extolled the Government’s efforts in creating a trustworthy and business-friendly environment which included providing incentives for using locally-sourced tobacco and the stabilization of the excise duty that had enabled the company to improve its market and thus give back to the country and the community.
On social sustainability, Araki explained: “Sustainability is a core priority at TCC Plc. We have undertaken numerous initiatives to protect the environment, operate responsibly, and ensure good governance, including investments in solar energy, water and waste management projects over and above community investment”.
