• June 24, 2024

Tobacco Commission Malawi Returns to Profit

 Tobacco Commission Malawi Returns to Profit
Photo: Taco Tuinstra

The Tobacco Commission of Malawi posted a profit of MKW325 million ($404,374) in 2021, allowing the parastatal to recover from previous financial losses, reports The Nyasa Times.

In 2019–2020, the Tobacco Commission posted revenue of MKW3.6 billion but recorded a loss of MKW81 million.

Tobacco Commission spokesperson Telephorus Chigwenembe attributed the improvement to reforms implemented last year. “The improved performance has come about because of sound financial management measures that the institution put in place to avoid the loss that was recorded in 2020,” he told The Nyasa Times.

Between March 2021 and February 2022, the Tobacco Commission said it strengthened its regulatory framework, enhanced tobacco production and marketing integrity, improved stakeholder understanding of the commission’s mandate and roles, improved financial sustainability and bolstered “institutional capacity.”

The Tobacco Commission generates its revenues from statutory levies.