KUALA LUMPUR: Despite the economic headwinds, British American Tobacco (M) Bhd (BAT) is optimistic about its prospects for 2023, according to managing director Nedal Salem.
“With the launch of our tobacco heated product, glo which hit the market in February 2023 is now able to offer an alternative choice with reduced risk potential to the adult Malaysian smokers. This is in line with our commitment towards building A Better Tomorrow.
“We are also encouraged by the new Government’s priority to implement economic reforms to stimulate growth and strengthen the foundations of the country. This in part can be achieved through reducing leakages stemming from the tobacco black market and creating a new revenue stream by implementing taxation for reduced risk products such as vape, which remains unregulated,” Nedal said in a statement.
He said in the November 2022 Budget tabling, various measures were announced to reduce the levels of tobacco black market.
“We strongly encourage the new Government to maintain these measures in the February 2023 Budget tabling, while also exploring science and evidence-based regulations to legalise the vapour market,” he added.
In the fourth quarter ended Dec 31, BAT posted a net profit of MR61.73mil, or 21.60 sen earnings per share (EPS) against RM71.45mil, or 25.00 sen EPS.
Its revenue for the quarter dipped 10.6% to RM770.6mil from RM861.9mil in the same quarter last year.
For the full financial year ended Dec 31, BAT posted a net profit of RM262.5mil, down 7.8% from RM284.9mil while revenue fell marginally to RM2.6bil against RM2.64bil.
For FY22, the board of directors has declared a fourth interim dividend of 21 sen per ordinary share, amounting to RM60mil, payable on March 7 to shareholders.