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In a significant step for Uganda’s banking sector, Cathy Adengo, the Head of Sustainability at Stanbic Bank Uganda, has been elected as the inaugural Chairperson of the Uganda Bankers’ Association…
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At today’s 24th Annual General Meeting of British American Tobacco Uganda Limited (BAT Uganda) held at Sheraton Kampala Hotel, Henry Rugamba has been announced as the incoming Board Chairperson. He takes over over from Hon. Dr. Elly Karuhanga who retired from the position that he has held since 2013. At the same meeting, shareholders also approved UGX8.9 billion (UGX181 per ordinary share) as a first and final dividend for the year ended 31st December 2023. The dividend, which is in line with the Company’s 100% dividend pay-out policy, will be paid net of withholding tax on 30th July 2024 to…
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Last week British American Tobacco Uganda (BATU) released its performance results for 2023 reporting that due to a reduction in cigarette sales volumes- its revenues and net profit had each reduced. BATU reported that gross turnover reduced 13.6% from UGX99.5 billion in 2022 to UGX86 billion in 2023 and as a result, net profit went down by 10.1% from UGX9.9 billion to UGX8.9 billion. In what has now become a more than decade-long cry song, the company blamed the poor sales on the persistent illicit tobacco products trade that it said constitutes about 29% of the industry and costs the…
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Shareholders of BAT Uganda have approved UGX 10.3 billion (UGX 209 per share) as a first and final dividend for the year ended 31st December 2022, during the Company’s 23rd Annual General Meeting (AGM) held today, 6th July 2023. 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. Mathu Kiunjuri, the BAT Uganda Managing Director, said that while the business’ fundamentals remained solid as evidenced by the company’s sustained investment in…
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AT Uganda has called upon the Government to ramp up efforts to curb illicit trade in cigarettes, which it says is impacting the sustainability of its business. In its 2022 performance results announced today, the Company recorded a 6% revenue growth, to UGX 99.5 billion. Profit after tax dropped by 4% from UGX10.3 billion to UGX9.9 billion, driven by a higher cost of operations which more than offset the increase in revenue. The total cost of operations grew by 15% to UGX34.5 billion in line with higher sales volumes and inflationary increases in input costs net of savings, the company…
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BAT Uganda has called for enhanced action against illicit trade in Uganda, following a 2021 report, which indicates that the illicit trade incidence in cigarettes continues to rise significantly. The research commissioned by BAT Uganda and conducted by Kantar, covered the 2nd half of 2021 and found that 23.8% of the cigarettes sold in Uganda appear to be illicit, accounting for almost one in four cigarettes smoked. This represented an increase of 54.5% compared to September 2020 when the number stood at 15.4%. Further, the Kantar research found that more than half of the illicit cigarettes (51%) in the market…
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The Top Employers Institute has named BAT Uganda as a Top Employer in Uganda and Africa for the second time in a row, during a virtual award ceremony held on Thursday – 20th January 2022. The certification reiterates BAT Kenya’s sustained commitment to provide and uphold policies and practices that offer employees a conducive and productive place of work. The recognition mirrors the announcement of the BAT Group as the Global Top Employer for 2022 in three regions – Africa, Asia Pacific and Europe; and Top Employer in 33 countries across Africa, Asia Pacific, Europe, the Middle East, and Latin…
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Shareholders of British American Tobacco Uganda Limited (BAT Uganda) have ratified UGX19.9 billion (UGX 406 per share) as a first and final dividend for the year ended 31st December 2020. This was during the Company’s 21st Annual General Meeting (AGM) held today by electronic means. The dividend, which will be paid net of withholding tax on 21st June 2021, is in line with the Company’s 100% dividend pay-out policy. BAT Uganda Managing Director, Kirunda Magoola said: “BAT Uganda remained resilient in 2020 despite a challenging business environment, compounded by impacts of the global COVID-19 pandemic. The Company registered a 1%…
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Who is Kirunda Magoola and what experience do you bring to BAT Uganda? I am a married father of three, a literature enthusiast, and a Rotarian to boot. At my core, however, is a proud 80’s kid from the generation way back when BMX bikes, radio cassettes, MTV, the Walkman, and SEGA were the only decent distractions from my other passion, a good old-fashioned game of cricket. My general view of the world is informed by my professional experiences which define my ethos: to consistently seek new challenges as avenues for self-improvement. I believe life begins at the other side…
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BAT Uganda has today celebrated its 20th anniversary of listing on the Uganda Securities Exchange through a bell-ringing ceremony hosted by the Uganda Securities Exchange (USE) and graced by the Capital Markets Authority (CMA). Following USE’s commencement of trading in 1998, BAT was amongst the first companies to list, which it did through an IPO in the year 2000. During the ceremony, BAT Uganda also unveiled its new evolved strategy and purpose as well as a new corporate brand identity. BAT Uganda Managing Director, Kirunda Magoola said: “Whilst BAT has been on the USE for 20 years, the company has…
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