NMG pre-tax profit grows to Sh30 billion

Nation Media Group (NMG) on Thursday announced a 20 per cent rise in its dividend pay-out after it reported a Sh68.2 billion (KSh3.6 billion) profit before tax for the year ended December 2013.

Shareholders with CRDB will have every reason to be happy as the bank has announced an increase in dividends by 16.6 per cent, thanks to higher profits.

Exim Bank registered a pretax profit of Sh6.4 billion during the first three months of this year – a 42 per cent increase compared to a similar period in 2013.

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DCB Commercial Bank has said it expects to increase profit after tax to Sh4 billion this year from Sh3.8 billion posted last year.

 Bank M closed 2014 with a pretax profit of Sh20.1 billion on a mix of earnings from interests on lending foreign currency as well as fees and commissions, it was announced

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>Increased excise tax on tobacco products is hitting hard on the profitability of Tanzania Cigarette Company which recorded 20 per cent drop in the first half of 2014. TCC which is listed on the Dar es Salaam Stock Exchange recorded Sh35.3 billion as profit after tax for the six months ending June 30, 2014 compared to Sh44.3 billion it recorded in the same period last year, according to the firm’s financial statement.

>Tax exemptions are still on the rise and cost the government at least Sh4.6 billion in the past two years, according to tax analysts.