HARARE – BAT Zimbabwe said on Monday profits for the half year to June 30, 2019 moved by 15 percent to $8,5 million from $7,4 million during the comparable period in 2018, after sharp rises in revenue.
Acting CEO Stephen Nyabadza, delivering his first financial statements since taking over at the beginning of the financial year, told analysts that said BAT increased prices in line with inflation, resulting in a 48 percent growth in revenue to $29 million from $19 million during the first half of last year. The company’s gross profit went up 61 percent to $23 million driven by the positive impact from raw materials sourced at lower rates.
