BAT Kenya's year profit rises, pays record high dividend

NAIROBI (Reuters) - British American Tobacco Kenya posted a 6 percent jump in pretax profits for last year to 4.75 billion shillings, thanks to lower operating costs.

The firm, majority owned by British-based group BAT Plc which also reported results on Thursday, raised its final dividend to 29 shillings a share to bring the total for the year to 32.50 shillings, up from the 30.50 shillings it paid the previous year.

Earnings per share rose to 32.71 shillings from 30.98 shillings in 2011, the company said.

Operating profit rose by 9 percent to just over 5 billion shillings on revenue up 6 percent at 30.5 billion shillings, although a doubling in financing costs to 350 million shillings weighed on the pretax result and a 25 percent rise in taxes to 11.1 billion shillings weighed on earnings.

During the year the government introduced a flat rate excise regime as opposed to the previous system where the tax was pegged by product category, which is preferred by firms.

Cigarette manufacturers are usually subjected to increasing taxes every year as the government seeks to contain the health risks associated with smoking and boost revenues.

Source: http://news.yahoo.com/bat-kenyas-profit-rises-pays-record-high-dividend-154937866--finance.html

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