TCCIA  posts 366.57 million/- profit in 2018

15Aug 2019
The Guardian Reporter
Dar es Salaam
The Guardian
TCCIA  posts 366.57 million/- profit in 2018

THE TCCIA Investment Public Limited Company said in Dar es  Salaam recently that it bagged   post-tax profit of  366.57 million/- in 2018 compare to 246.57 million/- realised in 2017 and  154.17 million /-obtained in 2016.

profit.

The company’s performance report presented before the year’s annual general meeting, says the company is doing well despite an unfriendly business environment.

The report says the company’s revenue went up from1, 086.6 in 2016 to 1426.7 million/- in 2017.   The company’s capital also increased from 27,805.92 million/- in 2016 to 30,379.26  in 2017, it says, adding that in 2017 the value of the shares owned by the company increased by 2,726.44.

Then the board chairman,  Fortunatus M. Magambo   said it was good news again.  He reported that during the year that ended December 2018 the company’s profit before tax decreased by 44 per cent to 195.78 million/- compared to 2017 due to lower dividends income and increased costs.

However, the after-tax-profit increased by 49 per cent to 366.57 million/- as a result of recognising tax credits relating to incomes from dividends. 

During the reporting period the Company diversified about 20 per cent (4.3 billion/-) of its equity portfolio into government bonds which boosted interest income significantly to absorb the declining dividends incomes.

The chairman also told the  meeting that the portfolio of the company’s equity investments  suffered total depreciation in value by 2,030 million/-  this is after taking into account the disposal of 110,000 TBL shares during the period.

This was due to share price depreciation which affected most of the DSE listed companies where the company holds stake.

He assured the shareholders that steps were being taken to optimise the company’s returns on equity.

The meeting approved a dividend of 2.54 per share for the year ending December 31, 2018, the same rate paid to shareholders for the year ending December 2017.

The firm has shares in some of the companies whose shares listed at the Dar es Salaam Stock Exchange (DSE) including NMB, CRDB Bank, Dar es Salaam Commercial Bank (DCB), TWIGA Cement, SIMBA Cement, Tanzania Breweries Limited (TBL), Swiss Port, and Tanzania Cigarette Company (TCC).

TCCIA Investment  PLC is among a  few companies contributing significantly in efforts of eradicating poverty  among members by creating wealth.

Since the company was established in 2005, its performance from the  word go has been impressive  to the extent of wining the confidence of shareholders in the country.