Ceylon Tobacco Company (CTC) yesterday reported a 4Q 2020 net profit of Rs. 3.6 billion, down 10% year-on-year resulting in a similar dip in net profit to Rs. 15.57 billion in the full financial year.

CTC said the last quarter of the financial year saw a depressed economy with curtailed consumption due to restrictions faced by consumers and retailers to access the products as a result of the intermittent curfews imposed to contain the second wave of COVID-19. 

“Total volumes during the quarter reduced by 19% and consequently, the company’s turnover and the Government revenue through Excise and other levies for the quarter reduced by 18% and 15%, respectively in comparison to the same period of last year,” CTC said. 

The directors recommend a final dividend of Rs. 11.35 per share for 2020. The final dividend is subject to the approval of the shareholders at the Annual General Meeting scheduled to be held on 25 May. Previously via Rs. 71.50 per share were paid via four interim dividends and the latest announcement brings the total to Rs. 82.85 per share for FY20, down from Rs. 92.13 in 2019.

CTC net profit down 10% to Rs. 15.5 b in 2020