-warns of significant losses due to smuggling
The Demerara Tobacco Company Limited (DEMTOCO) has announced an after-tax profit of $2.27 billion for 2023 while noting a “significant” rise in cigarette smuggling which it estimates could cost the local economy some $1 billion annually.
This disclosure was made yesterday at the company’s 90th Annual General Meeting (AGM) which was held at the Marriott Hotel in Kings-ton, Georgetown, where it shared its 2023 results and strategic achievements under the leadership of Managing Director, Vijay Singh, a DEMTOCO release disclosed.
The company reported a 9.7% increase in After Tax Profit, climbing from $2.07 billion in 2022 to $2.27 billion in 2023. This growth, it stated, has been supported by a 4.4% increase in revenue which is driven by enhanced operating efficiencies. These results however, were achieved amidst a challenging global environment characterised by logistical disruptions, inflationary pressures, and international political tensions, which DEMTOCO successfully navigated in order to deliver significant value to its shareholders.