BAT shareholders approve Shs10.3bn dividend for last year
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BAT Uganda MD Mathu Kiunjuri (L), Board Director Candy Wekesa Okoboi (C), and KPMG’s Asaad Lukwago during the Company’s 2023 AGM at the Sheraton Kampala Hotel.
On July 6, shareholders of BAT Uganda approved Shs10.3 billion (Shs209 per share) as a first and final dividend for the year ended December 31, 2022.
This was at the company’s 23rd Annual General Meeting. The dividend, which is in line with the company’s 100% dividend pay-out policy, will be paid net of withholding tax on 1st August 2023. During the AGM, the company also celebrated its 95th year of operation in Uganda.
BAT Uganda Managing Director, Mathu Kiunjuri said, “Whilst the fundamentals of our business remain solid as evidenced by our sustained investment in the country for 95 years, the increasing incidence of illicit trade in Uganda remains a major threat to the sustainability of our business going forward.”
He added that during 2022, the incidence of illicit cigarettes saw a spike, from 23.8% in December 2021 to 29.4% in the same period in 2022.
“The consequent shrinkage of the legitimate market significantly impacts the sustainability of government and industry revenues,” he said.
