British, American Tobacco records high sales volume
Stock Index jumps, although volumes low
Takoradi
(Western Region) 25 April 2002 - The British American Tobacco (BAT) Ghana
limited paid almost 151 billion cedis in excise duty and VAT last year
representing an increase of 59.8 per cent over that of the previous year.
Dr John
Kobina Richardson, Chairman of the Board of Directors, addressing the 49th
annual general meeting of the company at Takoradi on Wednesday, said operating
profit increased by 63 per cent as a result of improved volume, cautious
pricing policy and effective cost management.
Profit
after tax also increased by 62.8 per cent to 24.5 billion cedis while earnings
per share increased by 58 per cent, he said, adding that, total dividend
payment for 2001 rose to 235 cedis per shareholder representing an increase of
85 per cent.
Dr
Richardson noted that the government's economic and financial policies for 2002
were aimed at building on the progress made in 2001 to lay the foundation for
sustained economic growth and expressed the hope that there would be further
reduction in inflation and the rate of borrowing while the cedi remain
relatively stable.
Dr
Richardson also expressed concern about the effects of smuggled cigarettes from
neighbouring countries on sales and the loss of revenue to the state and urged
the government to wage a war on smuggling at the point of sale.
He
appealed to the government to give the issue of harmonisation of tax rates the
necessary attention to achieve full economic integration in the ECOWAS
sub-region.
The BAT
Chairman said the company awarded scholarships to 22 children of shareholders
with 45 more yet to be approved. The company's advertising strategies has
attracted a lot of condemnation in recent times.
GRi.../
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Accra
(Greater Accra) 25 April 2002 - The Ghana Stock Exchange (GSE) All-Share Index
jumped by 7.1 points on Wednesday although volumes remained low. The index, the
main market gauge, ended at 1,035.75 points from 1,028.65 points on Monday.
There were
seven price changes, all positive, although only 55,800 shares were sold by 10
equities. Sam-Wood Limited (SWL) on Wednesday became the 23rd equity to enlist
on the exchange.
British American
Tobacco (BAT) was 20 cedis richer at 720 cedis, Enterprise Insurance Company
(EIC) gained 299 cedis at 3,500 cedis, Guinness Ghana Limited was up by one
cedi at 1,761 and Patterson Zochonis increased by 10 cedis at 1,210 cedis.
SSB Bank
gained 143 cedis at 2,850 cedis, Sam-Wood Limited appreciated by 10 cedis at
260 cedis and Unilever was up by one cedi at 2,916 cedis. Change for the year
rose to 8.35 per cent from 7.61 per cent.
Market
capitalisation was also higher at 4,044.55 billion cedis from 4,025.30 billion
cedis. The following are the closing prices of the equities in cedis:
ABL 327
AGC 18,800
ALW 4,300
BAT 720 +20
CFAO 60
EIC 3,500 +299
FML 1,000
GBL 1,000
GCB 1,761 +1
GGL 910
HFC 950
MGL 250
MLC 147
MOGL 18,810
PAF 750
PBC 450
PZ 1,210 +10
SCB 20,500
SPPC 365
SSB 2,850 +143
SWL 260 +10
UNIL 2,916 +1
CMLT 430
GRi../
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