The shareholders of the Dar es Salaam Stock Exchange (DSE) listed Tanzania Breweries Public Limited Company (TBL) are expected to pocket 537/- per share or 158.4bn/- in dividends for 2023, an increase of 85 percent over the prior year.

This was announced during the company’s 51st Annual General Meeting (AGM) held yesterday at the Julius Nyerere International Convention Centre.

The AGM, attended by various stakeholders, covered the growth and development of TBL and the entire group, as well as the challenges faced over the past year. 

Board Chairman Leonard Mususa, said, "We are proud to announce that despite the challenging operating conditions of 2023, including global geopolitical tensions and local excise duty hikes, we demonstrated resilient growth and delivered significant value to our shareholders”. 

"Our steadfast execution of strategic initiatives and the market's confidence in our diverse portfolio of brands resulted in a notable increase in revenue, enabling us to approve and distribute a dividend of 537/- per share—an impressive 85 percent increase over  the previous year. This accomplishment underscores our commitment to creating long-term value for our shareholders and reinforces our position as one of the nation’s leading contributors to economic growth," he said.

Furthermore, the AGM involved the approval of the appointment of PricewaterhouseCoopers as the external auditors for the upcoming financial year ending December 31, 2024, highlighting TBL PLC's unwavering dedication to sound financial governance and transparency. 

During last year, the company delivered another year of consistent profitable growth, with revenue increasing by 12 percent and operating profit by 4 percent. 

Revenue growth was driven by both beer and spirits, with significant contributions from the core and core-plus segments of the beer business and spirits. 

The group says it continues to execute its proven commercial strategy and increase sales and marketing investments behind its portfolio of beer and beyond beer brands to deliver consistent growth and long-term value creation. 

TBL procures over 74 percent of its raw materials from within the country, directly and indirectly supporting the creation of over a million jobs throughout its supply chain. 

These accomplishments have reinforced TBL's status as Tanzania's top employer and manufacturer. 

Financial highlights show TBL paid 586bn/- in taxes to the government in 2023, compared to 528bn/- the year before, solidifying its position as one of the nation's biggest taxpayers. 

The AGM promises to be an insightful event, reflecting on TBL’s achievements and setting the stage for future success.