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The West Indian Tobacco Company Ltd (Witco) reported a profit before tax of $82.9 million for the nine months ended September 30 – a 46 per cent or $70 million drop from the $153 million recorded in the same period last year. Profit after tax stood at $66.9 million, down $47.7 million from 2024. Revenue for the period fell 13 per cent year-on-year to $332 million, compared to $382.9 million in 2024. The company attributed the decline to "continued shifts in consumer demand towards lower-priced products and the persistent impact of illicit trade." In her statement, chairman Ingrid Lashley said Witco had implemented "targeted portfolio adjustments designed to strengthen competitiveness and better align with evolving consumer preferences." These include the reintroduction of Du Maurier and the refresh of Rothman’s Classics. Lashley said the company remains "encouraged by the positive market response to our refreshed portfolio," noting that Witco recorded a 31 per cent growth in the second quarter compared to the first quarter of 2025. "The improvement signalled the effectiveness of our strategic initiatives and our resilience and strategic focus amid ongoing pressures." Operating profit for the period stood at $81.4 million, compared to $150.6 million the year before. Profit for the third quarter alone was $26.6 million, versus $28.9 million for the corresponding quarter in 2024. Total assets fell slightly to $762.6 million from $759.9 million one year earlier. Total equity declined to $464.3 million, down from $470.7 million in 2024. Witco also announced an interim dividend of ten cents ($0.10) per ordinary share. The dividend will be paid on November 28 to shareholders on record as at the close of business on November 11. "The Board remains steadfast in our commitment to creating long-term value for our shareholders," Lashley said, noting that Witco’s response to the changing market has focused on agility, cost discipline and strengthening its brand portfolio. While the company continues to face challenges from illicit trade and macroeconomic pressures, Lashley said Witco is encouraged by consumer demand and remains focused on capturing value as it navigates these headwinds. Earnings per share for the period stood at $0.27, compared to $0.43 in 2024. On October 31, MPs voted to approve hikes in excise duties on alcohol products and tobacco products proposed in a government motion in the House of Representatives. The measures imposes an excise duty on tobacco cigarettes of $10.52 per pack of 20, and a duty of $137.40 per kilogramme for "other manufactured tobacco" and tobacco substitutes.
