British American Tobacco Kenya (NSE: BAT) HY18 Earnings Note
BAT Kenya announced 1H18 results, posting a 3.4% rise in EPS to KES 20.14 from KES 19.48 recorded over a similar period last year. Gross revenue grew slightly, by 1.9% y/y to KES 17.47Bn.
1) Growth in export markets drove gross revenue up 1.9% y/y.
2) Finance costs down 21.9% to KES 164Mn
3) Excise duty revision
4) Illicit trade undermining company operations
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