According to Demerara Tobacco Company Chairman Marcus Steele; 2017 was a challenging year for the company due to a number of factors both domestic and abroad. Steele shared this fact during DEMTOCO’s annual general meeting on Tuesday.
“As a result of these key macro-economic and industry related realities, the company experienced a five per cent volume decline over 2016, with gross revenues also declining by four per cent when compared to the previous year. Profit before tax amounted to $2.5 billion, a decline of 9.5 per cent as compared to last year,”
The passage of the Tobacco Control Act in 2017, brought a fundamental change to the industry. Nonetheless, while the measures under the Tobacco Control Act will come into effect later this year, DEMTOCO has already began experiencing some market fluctuations.