OPERATING AND FINANCIAL REVIEW
Performance for the year
The results of the Company's operations for the year are set out on page 10.
During the year, Swala committed to entering Years 3 and 4 exploration phase of the Initial Exploration Term in both its Pangani and Kilosa – Kilombero PSAs licence areas. The work commitment in each licence during this period includes additional 2D seismic acquisition in the third contract year and drilling of one exploration well in the fourth contract year.
PERFORMANCE FOR THE YEAR
The detailed financial performance of the company during the year can obtained on TOL a financial report through a link below, the shows a profit before tax of TZS 2,290 million (2013: profit of 945 million), an increase of 142% over last year, while the net sales growth was 35% over the last
FUTURE DEVELOPMENT PLANS
The company is well on course to full recovery and is tracking well along the turnaround strategy 2011-2015 as evidenced by the performance of this year. Board is confident that the objectives of the turnaround strategy will be achieved. The following are updates and developments of major initiatives in the turnaround strategy:
(i) The first round of the rehabilitation of the ASPEN plant was completed which resulted in very good reliability and efficiency. On average the plant is producing at 80-90% efficiency.
Total power consumption per cubic meter of gas produced has come down by 43%. The plant can now produce crude argon and it is expected that the plant will be in a position to produce pure argon in the second phase of repairs expected the last quarter 2015. In line with this, the company has increased storage capacity for liquid gases. This will ensure continuous availability of industrial gases into the market and also save the company costs through production by batch method.
Following these improvements on the ASPEN plant, the company is engaged in finding customers for bulk liquid oxygen and nitrogen in the neighbouring countries of Kenya, Zambia and Zimbabwe. Already one such customer from Zambia has been engaged through a supply contract beginning second quarter 2015. Marketing and selling liquid oxygen and nitrogen within and outside the country is one of the company’s top priorities.
(ii) Carbon dioxide (CO2) line continues to grow as the company continues to demonstrate its reliability and consistency of supplying high quality food grade CO2 to both local and foreign bottling customers. Storage capacity was increased by 100 tons during the year, three additional 20 ton tankers were also added during the year. The company will continue to invest in both its storage and transport capacity for CO2 to strengthen reliability and increase market share across East Africa and SADC region. Already the company is supplying Malawi, Zambia and DRC markets.
The company has overcome all the production bottlenecks and more efforts are employed on building customer intimacy, aggressive marketing and brand awareness. In the midst of this, the company has acquired a plot in Mtwara which is a strategic location to tap into oil and gas sector in both Southern Tanzania and Northern Mozambique.
The company has made significant strides towards recovering its regional market share in carbon dioxide market following capacity enhancement and renewal of distribution fleet.
Besides domestic market the company has been supporting customers in other SADC countries of Malawi and Zambia and DRC. While competition is expected to increase in these markets following other new entrants, TOL is well positioned to capitalise also on the expected growth in the beverage sector in the region.
Further, refurbishment of ASPEN 1000 will see the company realize it’s preferred status as a reliable and competitive supplier of liquid oxygen, nitrogen and argon gases in the region. At a time when oil and gas mining in the region is beginning to take shape, refurbishment of the
ASPEN 1000 has been the right step to take as this sector offers the opportunity to utilize what has been otherwise oversized plant until now.
In conclusion, TOL’s future remain bright and promising. The company is on course to full
recovery and is expected to reverse the accumulated losses in the course of financial year
The Directors do not recommend dividends in respect of the year ended 31 December 2014
Further details can be obtained through the link below in TOL financial report
The Bank posted profit before tax of TZS 5.2billion for the year ended 31 December 2014 (2013: TZS 5.2billion). Profit after tax for the year was TZS 3.8 billion (2013: TZS 3.7 billion). In addition, the following achievements were recorded:-
Lending position stood at TZS 85.42billion (2013: TZS 78.43billion);
Total deposits stood at TZS 120.67billion (2013: TZS 108.18billion); and
Total assets stood at TZS 157.51billion (2013: TZS 143.9 billion).
Please refer to the link below --DCB ANNUAL REPORT for further details
Performance for the year
Despite a tough domestic economic environment and highly competitive export markets, gross turnover increased from
TZS 445.6 billion in 2013 to TZS 461.7 billion in 2014 or 3.6% up on prior year. However, the 25% excise tax increase in July 2014 drove up prices of our products to unaffordable levels, fuelled further consumer down-trading, increased illicit trade and negatively impacted profitability. The company recorded a profit before tax of TZS 98.3 billion in 2014 compared to TZS 112.1 billion in 2013, equivalent to a 12% decrease over the previous year. Net profit decreased by 12% to TZS 68.6 billion in 2014 from TZS 78.1 billion in 2013.
The company’s business fundamentals remained sound in 2014 with strong liquidity evidenced by cash and cash equivalent of TZS 55.2 billion (2013: TZS 41.8 billion). The Company has no external interest bearing debt. All operations are funded through operating cash flows. During 2014 an additional TZS 9.5 billion (2013: TZS 20.3 billion) was invested in product quality, production capacity and sales distribution infrastructure. Investment in net working capital excluding cash resources of TZS 42.4 billion was TZS 9.8 billion down on prior year (2013: TZS 52.2 billion) as a result of resource optimization initiatives in 2014.
Tax compliance and rewards
The company was fully tax compliant in 2014. The company was recognized and awarded several certificates of compliance by the Tanzanian Revenue Authority (TRA) as 3rd overall winner of the Most Compliant Corporate Taxpayer at the national level at the 8th Taxpayer’s Day held on 21st November 2014.
During the year, the directors declared for 2013, a final ordinary gross dividend of TZS 20 billion or TZS 200 per share (2013:TZS 20 billion or TZS 200 per share) and a special gross dividend of TZS 25 billion or TZS 250 per share (2013: TZS 25 billion or TZS 250 per share). Later in the year, the Directors declared for 2014, an interim ordinary gross dividend of TZS 25 billion or TZS 250 per share, which was paid in November 2014 (2013: TZS 30 billion or TZS 300 per share).
Further details can be obtained through the following link
The Board of Directors of CRDB Bank Plc is pleased to, subject to obtaining approval from the Annual General Meeting of shareholder to be held on May, 9th 2015, Declare dividend of TZS 15 per issued and fully paid up share in line with the Bank’s dividend policy. Total of TZS 32.6 billion dividend will be paid out which is higher than the TZS 30.7 billion paid out in the year 2013 an increase of 7%. Earnings per share (EPS) is TZS 43.9, price earning ratio (P/E) is TZS 9.8 and dividend yield is 3.5%.
For further details can be obtained from the link below