$6.4 Billion in tobacco sales last year
- Demerara Tobacco pledges to abide by stricter regulations
Demerara Tobacco Limited has pledged to be a responsible business and adhere to the new stricter regulations for the sale and distribution of tobacco.
Last year, the company’s sales amounted to $6.4 billion, an increase of 4.5% over the previous year. The company held its Annual General Meeting on Thursday at Pegasus Hotel in Kingston, Georgetown.
The Tobacco Control Act of 2017 included changes in a number of areas, including a ban on display, a ban on sponsorship, ban on trade promotions and mandated the display of graphic warnings on cigarette packs. In addition, excise stamps were introduced for the importation of tobacco products.
Speaking to shareholders, Chairman of Demerara Tobacco Marcus Steele gave brief insight as to the company’s commitment to continued effective performance.
“Our team at Demerara Tobacco continues to be a high performing team exhibiting the required management and operational skills that have allowed and will continue to enable your company to successfully chart the new regulatory environment and to deliver increasing shareholder value in a responsible manner.”
He also indicated to shareholders that the company has been able to secure a favourable 16% growth in earnings per share.
The Chairman took time to highlight Demerara Tobacco’s willingness to continue working with the local authorities.
“We will continue to work closely with the authorities because as a responsible business and a major contributor to government revenue through taxes we will always adhere to and support good corporate governance and best practices in the management of the local tobacco industry”.
The company which has been operating locally for 84 years has a self-mandated vision of achieving leadership of the tobacco industry.