Tobacco firm biggest tax provider

Ceylon Tobacco Company (CTC) says it contributed Rp91.6 billion to the Sri Lankan government last year – seven percent of the government’s total tax revenue, according to a Lanka Business Online story.

“This constitutes approximately 88 percent of the value generated by the company, making the government a key stakeholder in our business.” Chairman Susantha Ratnayake said in his annual review.

CTC, a unit of British American Tobacco, is the only manufacturer of licit cigarettes in the country and the largest contributor to national tax revenue.

And it is the second most valuable listed company in Sri Lanka, with a market capitalization of Rp186 billion as at December 31, 2015.

It delivered a profit after tax of Rp10.6 billion in 2015, 23 percent more than it delivered the previous year. Shareholder returns were increased by 14 percent during 2015.