Tanzania Breweries Limited (TBL) is the largest tax payers in form of corporate tax, excise duty and value added tax.
The largest brewer in the land paid 472bn/- last year compared to 463bn/- in the prior year warranting recognition of the largest tax payer in the country.
TBL’s Chairman, Leonard Mususa said during TBL’s 49th Annual General Meeting (AGM) that the tax increase came after the Group revenue grew by 6.0 per cent owing to growth in beer and spirits sales of 5.7 per cent and 3 per cent, respectively.
The firm's operating profit for the period was 179bn/- and profit after tax 134bn/-. Thus dividend per share went up by 60 per cent 255/- for last year. The amount set aside for dividend payment stood at 75bn/-.
The Chairman said they are committed to increasing locally sourced materials as a key partner in the socio-economic development of the country.
“We have committed to ensuring that 100 per cent of the direct farmers in our supply chain are skilled, connected and financially empowered by 2025,” said Mr Mususa.
“Our business will continue to support local farming and sourcing of raw materials”.
TBL last year purchased 70 per cent of raw materials locally including barley, maize, sorghum and grapes to produce our products.
The government has recently granted a duty concession of 20 per cent on locally malted barley and this has made it viable for the Group to invest in a local malting factory.
This initiative will enable the brewer to utilise locally malted barley in its beer production at full capacity by 2027.
Regarding government’s industrialization drive, Mususa said TBL will continue to engage with the government in its efforts to build a secure base for its industrialization programme.
“We are confident that we will make a meaningful impact across our entire value chain, for all our customers, consumers and local communities, and general stakeholders,” he said.
Daily News
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