BUSINESS REPORTER
Zimbabwe’s leading cigarette manufacturing company, BAT Zimbabwe, says demand for its products has been strong in the nine months to September 30,2021, resulting in overall volumes growing 32% compared to the same period last year.
BAT Zimbabwe chairman, Lovemore Manatsa said in a trading update other factors supporting sustained demand was the easing of Covid-19 restrictions and increased exports in the reviewed period.
Underwriting the demand are the recovering economies in the export market, resulting in new orders increasing rapidly, he said.
Manatsa said in the period under review, the company reported a 25% volume growth from the sale of cigarettes compared to the prior comparative period owing to improved access to the market and product availability.
Export volumes of Leaf and Cutrag Tobacco were up 44% in the reviewed period.
“The trading environment for the nine months ended September 30,2021, showed an improvement,” Manatsa said in a trading update.
He said volume growth coupled with the pricing reviews done during the period, resulted in the company recording a growth in net turnover of 38%, compared to the same period last year.
The company, Manatsa said, will continue evaluating its business model to ensure long-term sustainability of the business and value creation for its shareholders.
“The company remains committed and confident that our business strategies will deliver value growth for our shareholders,” Manatsa said.
BAT manufactures Madison, Everest, and Dunhill, among other brands.