{"id":22930,"date":"2021-02-20T21:14:42","date_gmt":"2021-02-20T21:14:42","guid":{"rendered":"https:\/\/www.africa-press.net\/kenya\/?p=22930"},"modified":"2021-02-20T21:14:42","modified_gmt":"2021-02-20T21:14:42","slug":"bat-kenya-net-profit-grows-41-per-cent-on-increased-exports","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/economy\/bat-kenya-net-profit-grows-41-per-cent-on-increased-exports","title":{"rendered":"BAT Kenya net profit grows 41 per cent on increased exports"},"content":{"rendered":"

AfricaPress-Kenya:<\/strong> Cigarette maker\u00a0British American Tobacco (BAT) Kenya is among the few firms that have defied the Covid-19 blues to register growth in profit.<\/p>\n

The company yesterday reported a 42 per cent increase in profit after tax to Sh5.52 billion for the year to December 2020 from Sh3.89 billion in 2019.<\/p>\n

This was at a time when other firms stagnated or reported decline in profit owing to the harsh impact of the coronavirus pandemic that slowed down economic activities.<\/p>\n

\u201cLast year saw our domestic performance take a significant hit, with volumes declining by 24 per cent as consumers responded to affordability challenges resulting from the impact of Covid-19 by flocking to the illicit market,\u201d said Crispin Achola, the BAT Kenya managing director.<\/p>\n

The company said increased exports enabled the firm to mitigate the impact that the pandemic had on its domestic sale of tobacco products.<\/p>\n

Reduced costs<\/strong><\/p>\n

A reduction in the cost of operations also helped the firm grow its profits while cushioning it against declining gross revenues, which stood at Sh38.85 billion in 2020 from Sh39.83 billion the previous year.<\/p>\n

As consumers\u2019 earnings dropped, they opted for cheaper but illicit cigarettes.<\/p>\n

BAT, citing independent research, said illicit trade in cigarettes doubled during the year to 23 per cent, driven by consumers\u2019 downtrading in their search for cheaper products and in turn denying both industry and government revenues to the tune of Sh4 billion.<\/p>\n

\u201cDespite the tough macro-economic environment and the domestic performance, underlying business fundamentals remained strong, thanks to new exports opportunities,\u201d Achola said.<\/p>\n

\u201cNet revenue increased by five per cent to Sh25.3 billion, driven by higher export revenues and lower excise duty and value added tax.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

AfricaPress-Kenya: Cigarette maker\u00a0British American Tobacco (BAT) Kenya is among the few firms that have defied the Covid-19 blues to register growth in profit. The company yesterday reported a 42 per cent increase in profit after tax to Sh5.52 billion for the year to December 2020 from Sh3.89 billion in 2019. This was at a time […]<\/p>\n","protected":false},"author":84,"featured_media":22920,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[4675,7568],"class_list":["post-22930","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-bat-kenya","tag-financial-results"],"yoast_head":"\nBAT Kenya net profit grows 41 per cent on increased exports - kenya<\/title>\n<meta name=\"description\" content=\"Cigarette maker\u00a0British American Tobacco (BAT) Kenya is among the few firms that have defied the Covid-19 blues to register growth in profit.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/kenya\/economy\/bat-kenya-net-profit-grows-41-per-cent-on-increased-exports\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BAT Kenya net profit grows 41 per cent on increased exports\" \/>\n<meta property=\"og:description\" content=\"Cigarette maker\u00a0British American Tobacco (BAT) Kenya is among the few firms that have defied the Covid-19 blues to register growth in profit.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/kenya\/economy\/bat-kenya-net-profit-grows-41-per-cent-on-increased-exports\" \/>\n<meta property=\"og:site_name\" content=\"kenya\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2021-02-20T21:14:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2021\/02\/bat_kenya_net_profit602fc893dc38c.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"683\" \/>\n\t<meta property=\"og:image:height\" content=\"454\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/bat-kenya-net-profit-grows-41-per-cent-on-increased-exports#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/bat-kenya-net-profit-grows-41-per-cent-on-increased-exports\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"BAT Kenya net profit grows 41 per cent on increased exports\",\"datePublished\":\"2021-02-20T21:14:42+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/bat-kenya-net-profit-grows-41-per-cent-on-increased-exports\"},\"wordCount\":282,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/bat-kenya-net-profit-grows-41-per-cent-on-increased-exports#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2021\/02\/bat_kenya_net_profit602fc893dc38c.jpg\",\"keywords\":[\"BAT Kenya\",\"Financial results\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/kenya\/economy\/bat-kenya-net-profit-grows-41-per-cent-on-increased-exports#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/bat-kenya-net-profit-grows-41-per-cent-on-increased-exports\",\"url\":\"https:\/\/www.africa-press.net\/kenya\/economy\/bat-kenya-net-profit-grows-41-per-cent-on-increased-exports\",\"name\":\"BAT Kenya net profit grows 41 per cent on increased exports - 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