BAT posts rosy first-half profit due in part to pricier cigarettes
BAT’s profit from operations on a reported basis was up 61.4% at £5.94bn for the six months ended June 30
26 July 2023 - 09:51
byEva Mathews
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Bengaluru — Dunhill cigarette maker British American Tobacco (BAT) reported a jump in half-yearly profit on Wednesday, supported by higher cigarette prices and fast-growing demand for tobacco alternatives.
With traditional smoking on the decline, BAT has been investing in next-generation products such as heated tobacco and vapes to sustain growth.
That, coupled with cigarette price hikes and a resumption of international travel helping duty-free trade, benefited the company.
BAT’s profit from operations on a reported basis was up 61.4% at £5.94bn for the six months ended June 30.
In the same period in 2022, the company had taken a £957m impairment charge related to the transfer of its Russian business.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
BAT posts rosy first-half profit due in part to pricier cigarettes
BAT’s profit from operations on a reported basis was up 61.4% at £5.94bn for the six months ended June 30
Bengaluru — Dunhill cigarette maker British American Tobacco (BAT) reported a jump in half-yearly profit on Wednesday, supported by higher cigarette prices and fast-growing demand for tobacco alternatives.
With traditional smoking on the decline, BAT has been investing in next-generation products such as heated tobacco and vapes to sustain growth.
That, coupled with cigarette price hikes and a resumption of international travel helping duty-free trade, benefited the company.
BAT’s profit from operations on a reported basis was up 61.4% at £5.94bn for the six months ended June 30.
In the same period in 2022, the company had taken a £957m impairment charge related to the transfer of its Russian business.
First-half revenue grew 4.4% to £13.44bn.
Reuters
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