BATK | BAT Kenya FY23 Earnings Note

    BAT Kenya navigated varied macroeconomic headwinds to post a 19.2% y/y softening in net earnings to KES 5.57Bn over the year ended December 2023.

    Management remains keen on product expansion and deepening local and offshore markets, in response to a challenging operating environment.

    Recommendation – We maintain our HOLD recommendation on BAT Kenya, on account of its sharp declining return on equity, yet remain cautiously optimistic for a robust recovery in consumer demand and sustained cost efficiencies over the medium-term.

     

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    AIB-AXYS Africa Ltd is the fusion of two established companies; AIB Capital Limited and Apex Africa Capital Limited, both with over 25 years of experience in the Securities market. With the solid reputation and experience of the professional teams, we leverage talent and networks to better service businesses and investors looking to capitalize on the African growth story, and its vibrant financial sector.
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