{"id":25702,"date":"2021-03-23T17:34:51","date_gmt":"2021-03-23T17:34:51","guid":{"rendered":"https:\/\/www.africa-press.net\/tanzania\/?p=25702"},"modified":"2021-03-23T17:34:51","modified_gmt":"2021-03-23T17:34:51","slug":"tcc-profit-slows-down-30-per-cent","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/tanzania\/economy\/tcc-profit-slows-down-30-per-cent","title":{"rendered":"TCC PROFIT SLOWS DOWN 30 PER CENT"},"content":{"rendered":"

AfricaPress-Tanzania:<\/strong> TANZANIA Cigarette Company (TCC) pre-tax profit has gone down by 30.8 per cent after being affected by coronavirus pandemic health restrictions and precautionary behaviours by firms and consumers.<\/p>\n

According to TCC financial statement, profit before tax declined from 78.2bn\/ – in 2019 to 54.1bn\/- last year, citing mainly impacted by general consumers spending behaviours, sales mix and volume.<\/p>\n

However, the TCC Board recommended a final gross dividend of 300\/- per share for last year compared to 250\/- in 2019.<\/p>\n

TCC Chairman, Paul Makanza said the profit was eaten by the distribution challenges of domestic market and lockdown in DRC in the last year second quarter which is a key market of the Dar es Salaam Stock Exchange (DSE) listed firm.<\/p>\n

\u201cWe remain optimistic about the future,\u201d said Mr Makanza yesterday in a statement, adding that a return to pre-pandemic growth rates will depend on sound domestic polices to accelerate the recovery of economic activities.<\/p>\n

\u201cWe are very encouraged by the level of publicprivate dialogue (PPD) to discuss some of these policy measures through formal PPD platforms,\u201d said Mr Makanza.<\/p>\n

Despite the challenges, the firm business fundamental remained strong since its profitability ratios remained sound, reflecting healthy and profitable business, the chair said.<\/p>\n

The report showed that current assets were 2.23 last year compared to 2.55 times, greater than current liabilities, reflecting the company\u2019s ability to meet its short-term obligations with ease.<\/p>\n

Total assets were 2.78 last year compared to 3.30 times greater than total liabilities, indicating that the company remains highly solvent.<\/p>\n

\u201cThe future will depend on sound domestic policies to accelerate recovery,\u201d Mr Makanza said. The chair of the largest cigarette maker in the country also said through the government\u2019s timely measure, combined with limited mobility restrictions, fiscal and monetary measures to inject liquidity into the economy and sustain economic activities, \u201cTanzania avoided recession\u201d.<\/p>\n

The emergence of the Covid-19 in early 2020 disrupted supply and demand chains and plunged the global economy into 4.3 per cent recession in 2020.<\/p>\n

However, the pandemic induced global economic shock slowed Tanzania\u2019s economic growth to 5.5 per cent in 2020 compared to 7 per cent in 2019.<\/p>\n","protected":false},"excerpt":{"rendered":"

AfricaPress-Tanzania: TANZANIA Cigarette Company (TCC) pre-tax profit has gone down by 30.8 per cent after being affected by coronavirus pandemic health restrictions and precautionary behaviours by firms and consumers. According to TCC financial statement, profit before tax declined from 78.2bn\/ – in 2019 to 54.1bn\/- last year, citing mainly impacted by general consumers spending behaviours, […]<\/p>\n","protected":false},"author":84,"featured_media":25693,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[1683,7767,3040],"class_list":["post-25702","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-coronavirus","tag-paul-makanza","tag-tcc"],"yoast_head":"\nTCC PROFIT SLOWS DOWN 30 PER CENT - Tanzania<\/title>\n<meta name=\"description\" content=\"TANZANIA Cigarette Company (TCC) pre-tax profit has gone down by 30.8 per cent after being affected by coronavirus pandemic health\" \/>\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\/tanzania\/economy\/tcc-profit-slows-down-30-per-cent\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TCC PROFIT SLOWS DOWN 30 PER CENT\" \/>\n<meta property=\"og:description\" content=\"TANZANIA Cigarette Company (TCC) pre-tax profit has gone down by 30.8 per cent after being affected by coronavirus pandemic health\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/tanzania\/economy\/tcc-profit-slows-down-30-per-cent\" \/>\n<meta property=\"og:site_name\" content=\"Tanzania\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-23T17:34:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2021\/03\/62b9668c20987f713db76baa5aacdfba.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\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\/tanzania\/economy\/tcc-profit-slows-down-30-per-cent#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/tcc-profit-slows-down-30-per-cent\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"TCC PROFIT SLOWS DOWN 30 PER CENT\",\"datePublished\":\"2021-03-23T17:34:51+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/tcc-profit-slows-down-30-per-cent\"},\"wordCount\":351,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/tcc-profit-slows-down-30-per-cent#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2021\/03\/62b9668c20987f713db76baa5aacdfba.jpg\",\"keywords\":[\"Coronavirus\",\"Paul Makanza\",\"TCC\"],\"articleSection\":[\"all news\",\"Economy\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/tanzania\/economy\/tcc-profit-slows-down-30-per-cent#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/tcc-profit-slows-down-30-per-cent\",\"url\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/tcc-profit-slows-down-30-per-cent\",\"name\":\"TCC PROFIT SLOWS DOWN 30 PER CENT - 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