Demerara Tobacco Company Limited (DEMTOCO) reported a 9.7% profit increase to $2.27B in 2023, despite a significant rise in cigarette smuggling.

Demerara Tobacco Company Limited (DEMTOCO) reported an after-tax profit of $2.27B in 2023, a 9.7% increase from 2022. The company acknowledged a significant rise in cigarette smuggling, which could cost the local economy approximately $1B annually. Despite these challenges, DEMTOCO achieved this growth through a 4.4% revenue increase driven by enhanced operating efficiencies.

April 27, 2024
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