British American Tobacco (M) Bhd managing director Nedal Salem
KUALA LUMPUR: British American Tobacco (M) Bhd
aims to continue growing its tobacco heating product, glo, while preparing for the launch of its vapour product, Vuse, which is currently the number one global vaping brand, according to managing director Nedal Salem.
“Both glo and Vuse represent the Group’s efforts to offer a choice of reduced-risk alternatives to adult smokers. This is in line with our commitment towards building A Better Tomorrow,” he said in a statement.
He said the tobacco black market continues to impact the industry, and it will continue working with the relevant authorities to bring down the incidence of black-market cigarettes which stubbornly hovers above 55%.
“The group is positive that the Government will continue to drive the fight against the high level of tobacco black market and hopes that the 2024 Budget tabling will continue to see current measures like tightening controls on the importation of cigarettes, enhancing controls along the Malaysian coastline and at landing points including private jetties, and the continued implementation of a special rewards scheme for enforcement agencies be maintained,” he said.
He added that the group remains firm that this issue is detrimental not only to public health but also to the country’s economy.
The group will also remain steadfast in its commitment to drive its sustainability agenda which is supported by four pillars that prioritise harm reduction, environmental, social and governance.
In this space, BAT will focus on driving its carbon neutrality efforts, building its community projects and work towards reducing the health impact of its business.
BAT’s net proft tumbled 35.1% to RM47.5mil in the second quarter ended June 30 from RM73.2mil posted in the same quarter last year.
Revenue, however, was 6.4% higher at RM678.1mil against RM637.4mil last year while earnings per share fell to 16.60 sen from 25.70 last year.
For the first six months to June 30, posted a net profit of RM87.8mil on revenue of RM1.07bil.
“Our financial results were within expectations given the tough economic climate. However, we expect this impact to be short-term as we continue progressing into a multi-category organisation, backed by our trajectory in the new category segment,” Salem said.
