British American Tobacco (Malaysia) BHD (BAT Malaysia) has announced its financial results for the year ended March 31, 2023 (1Q 2023).
Data showed its net profit for the first quarter was RM40.32mil, down from RM52.28mil a year ago. ; Revenue fell 25% to RM390.23mil from RM521.56mil a year ago. The company reported earnings per share of 14.10 cents, compared with 18.30 cents last year.
Commenting on its Q1 2023 results, BAT Malaysia said the decline in revenue was due to the increased use of e-cigarettes and lower sales volumes due to the continued black market for tobacco.
Bat Malaysia said its premium business product share, including Dunhill, increased by 0.4%, which further consolidated its market leadership position. The Rothmans brand grew 2.7 per cent and the premium Peter Stuyvesant grew 5.3 per cent. Overall, BAT Malaysia’s total local market share stood at 51.5%, down 0.4% compared to Q1 FY2022.
Bat Malaysia managing director Nedal Salem said despite the headwinds in economic conditions, BAT Malaysia was optimistic about its prospects for 2023. At the same time, he said, the company is looking to continue developing its heated tobacco product glo, reflecting its efforts to provide lower-risk alternatives to adult smokers.