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BAT rated best ZSE counter

by Staff reporter
12 Apr 2021 at 07:08hrs | Views
BRITISH American Tobacco (BAT ) Zimbabwe has been rated the top counter on both the Zimbabwe Stock Exchange (ZSE)'s top 10 and 15 indexes for the second quarter of 2021.

BAT's rating was announced in the ZSE's new Index 2021 second quarter constituents released recently.

The firm had previously been rated the top counter for both indexes during the first quarter of the year, overtaking financial giant CBZ Holdings, which had been rated the best during the fourth quarter of 2020.

Both indexes are used to gauge the performance of the top 10 or 15 listed companies.

BAT's being rated first on both indexes comes after the company overturned its 2019 loss of $124,25 million to a $61,06 million profit after tax during the year ended December 31, 2020.

After BAT, CBZ, Cassava Smartech Zimbabwe Limited, Delta Corporation Limited, Econet Wireless Zimbabwe Limited, FBC Holdings Limited, Hippo Valley Estates Limited, Innscor Africa Limited, OK Zimbabwe Limited and Padenga Holdings Limited were also rated in the top 10.

On the top 15 Index, BAT was ranked together with CBZ, Cassava, Delta, Econet, FBC, First Mutual Holdings Limited, Hippo, Innscor, Meikles Limited, National Foods Holdings Limited, OK, Padenga, Simbisa Brands Limited and TSL Limited.

BAT bounced back to an inflation-adjusted $256 million pre-tax profit during the year ended December 31, 2020, from $26 million in 2019.

"The company's premium brand, Dunhill, returned to the market in March 2020 as the company was now able to import the brand and as a result, it recorded a significant increase in volume growth of 1,481% versus prior year," said company chairman Lovemore Manatsa.

"In the Aspirational Premium segment, volumes declined by 45%. In the Value for Money segment, and Low Value for Money brand, volumes declined by 8% and 47% respectively. This reduction in sales volumes was driven by shrinking consumer disposable incomes," Manatsa said.

Source - newsday
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