BATB to invest Tk 60cr

British American Tobacco Bangladesh (BATB) is going to make an investment of Tk 60.70 crore to purchase equipment and a centralised uninterrupted power supply device. 

In a filing on Dhaka Stock Exchange yesterday, the multinational company said its board has approved the investment decision.

The BATB will use the money to purchase winnower and tobacco recovery equipment, hinge-lid packaging line and a centralised uninterrupted power supply device.

The investment would enhance the capacity and productivity of the company and be funded from internal sources and bank financing, said the filing.

Meanwhile, Bangladesh's biggest cigarette sale-based revenue generator logged higher sales and profits year-on-year in the January-March period of 2023.

The BATB's profits grew 9.42 per cent year-on-year to Tk 456 crore while net revenue increased 16 per cent to Tk 2,268 crore. Earnings per share of the BATB stood at Tk 8.44 at the end of the first quarter whereas it was Tk 7.73 in the same period of the previous year.

The company's earnings per share increased significantly mainly through growths in sales volume and leaf exports, the company said. Its revenue from export leaf more than doubled to Tk 95.62 crore.

The cigarette company manufactures tobacco products and markets brands, including Benson & Hedges, John Player Gold Leaf, Capstan, Star, Royals, Lucky Strike, Derby, Pilot, Flag and Hollywood.

The company's factories are located in Dhaka and Savar. It has a green leaf threshing plant in Kushtia and a green leaf redrying plant in Manikganj.

Stocks of the listed company was unchanged at Tk 518.70 at Dhaka Stock Exchange yesterday.