Pays out 312bn/- in taxes to government
Former Prime Minister, Cleopa David Msuya (L), who is the Tanzania Breweries Limited (TBL) Board Chairman exchanges views with TBL Managing Director, Robin Goetzsche, during the company`s 39th stakeholders meeting in Dar es salaam yesterday.
This was revealed yesterday by TBL chairman former prime minister Cleopa Msuya when addressing shareholders of the company at its 39th annual general meeting held in Dar es Salaam.
Msuya said the company was performing well, though it had broken its commercial relationship with EABL after the later bought the majority stake in Serengeti Breweries.
“The parting of ways officially made EABL our competitors in our local market,” said Msuya.
The board chairman informed the shareholders about the board’s proposal to pay a 200/- dividend per share for the year ending March 31, 2012.
He said the 200/- dividend was equivalent to 17 per cent of the amount of the two years the shareholders had not received any.
“Last year we didn’t pay a dividend because the funds were used to build the company’s plant in Mbeya region,” he clarified.
Msuya said a total of100bn/- was invested in the plant and equipment this year compared to 52bn/- spent in the privious year.
He said sales registered a 30 per cent growth with a corresponding operating profit of 239bn/- this year as compared to 219bn/- in the priviou.
He however said the escalating inflation averaging at 18.69 per cent impacted input costs, but with improved efficiencies operating profit registered a 30 per cent increase over the previous year, making it maintain a proud record of annual growth in profit since listing on the Dar es Salaam Stock Exchange in 1998.
“Now, as a company, we are going to continue gaining self-sufficiency through local sourcing and an integrated farming model that will meet both the company’s needs as well as those of the smallholders,” he said.
“Given the persistent interruptions in electricity, a total of 5.3bn/- was spent to replace the aged generators in Mwanza and Arusha,” he said.
For his part, the company's chief executive director, Robin Goetzsche, said the company had continued to make a significant contribution to government revenues by way of corporate, excise and value added taxes.
He said the company paid the government a total of 312bn/- for the year in various taxes, which was an increase of 32 per cent over the previous year.