TBL approves Sh151.7bn dividend to shareholders

Dar es Salaam. Shareholders of Tanzania Breweries Limited (TBL Group) have approved Sh151.7 billion as dividend after recording an impressive financial performance in the year ended March 31, 2015.

The dividend translates into Sh500 per share compared with Sh450 per share paid in the previous year, an increase of 11 per cent, according to the company’s chairman Mr Cleopa Msuya.

“Together with 20 per cent increase in excise rate last July which led to decline of sales volume, we were able to increase revenue through price adjustments, cost savings and favourable product mix as well as an exceptional performance of the wines and spirits business,” said Mr Msuya.

The company also announced change of its logo from TBL to TBL Group to reflect its other stakes in Tanzania Distilleries Ltd (TDL) and Dar Brew (Chibuku).

TBL Group recorded Sh216.5 billion profit after tax for the year ending March 31, 2015 compared with Sh203.7 billion recorded during the previous year, according to its financial statement for this year’s annual report.

The company is optimistic that its performance will continue performing well as long as Tanzania will maintain its stable and predictable policies.

“Tanzania’s per capita consumption of beer is as low as nine per cent compared with about 40 per cent in many other countries but there is a way other than being optimistic with our business in the coming years,” said TBL Group managing director Roberto Jarrin.