PETALING JAYA: British American Tobacco (M) Bhd
(BAT) is cautiously optimistic of achieving an improved financial performance for the coming year, on the back of the country’s improving economic momentum in 2024.
In a filing with Bursa Malaysia, BAT said its net profit for the fourth quarter ended Dec 31, 2023, dropped to RM47.36mil from RM61.73mil in the previous corresponding period, while revenue dipped to RM635.86mil from RM770.66mil.
Basic earnings per share stood at 16.60 sen versus 21.60 sen previously.
For the financial year ended Dec 31, 2023, net profit fell to RM194.75mil from RM262.52mil in the previous corresponding period, while revenue slipped to RM2.31bil from RM2.6bil previously.
Intensified competition within a contracted combustible industry size coupled with a sustained downtrading trend throughout the year increased the pressure on the group’s product portfolio and volumes, said BAT.
