In a trading up for the three months, BAT chairman Lovemore Manase said the growth was achieved in a trading environment characterised by “a significant increase in inflation and exchange rate volatility”.
“For the three months ended March 31, 2022, the company delivered overall volume growth versus the same period last year mainly attributable to increased export of cut rag tobacco and leaf. The company’s volumes from sale of cigarettes were relatively flat compared to the same period last year on the backdrop of shrinkage of consumer disposable income,” he said.
He said the value-for-money brands, Lucky Strike and Madison, contributed 52 percent and 38 percent of the volume performance respectively. Additionally, the cigarette excise ad valorem regime was changed from 20 percent to 25 percent with effect from January 1, 2022.