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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