Nairobi, Feb. 15 -- BAT Kenya has reported a 19.2 percent drop in net profit growth to Sh5.57 billion in the year ended December 2023 blamed on reduced sales as increased taxes pushed consumers to illicit cigarettes.

The fall in net earnings from Sh6.89 billion posted in the previous year saw the board cut the proposed final dividend by Sh7 to Sh45 from the earlier payout of Sh52.

The drop in profit is the first since 2019 when earnings dipped by 4.9 percent to Sh3.89 billion and has come on the back of a drop in gross revenues and increased excise duty and value-added tax (VAT).

The cut in final dividend, which will be paid around June 26 to shareholders on the firm's register at the end of May 24, will bring the total payout to Sh50,...