TANZANIA Breweries Limited (TBL) has declared an impressive dividend of Tsh21.407 billion ($26.76 million)to its share holders. This is the best per share dividend ever given out since the former state brewery was privatised and listed on the Dar es Salaam Stock Exchange.

The declared dividend for the year ended March 31, 2000, is 12 per cent higher than in 1998, when it was Tsh17.4 billion ($21.75 million). Earnings per share rose from Tsh104 (13 US cents) in 1998 to Tsh130 (16 US cents) per share in 2000.

TBL has invited shareholders to its 27th Annual Meeting to be held at the Diamond Jubilee Hall in Dar es Salaam on July 6, to receive the financial performance report and approve the accounts for the year ended March 31, 2000.

Members are expected to approve and consider the declaration of dividends and appoint auditors for the next financial year. This year's auditors were PriceWaterhouseCoopers.

In his statement, TBL chairman Mr Paul Bomani said, "Although volume growth was generally lower than expected as a result of reduced consumer spending, improved efficiency in all areas of the business resulted in attributable earnings."

Chairman Bomani said the total dividend paid would amount to Tsh21.4 billion($2.6 million) or 70 per cent of the profit attributable to ordinary shares.

The final dividend will be paid to shareholders registered by June 21, 2000. An interim payment of Tsh9.107 billion ($11.38 million) in dividends last year.

The chief executive of TBL, Mr Daniel B. Niemandt, attributed the company's success to its "ever improving capability to consistently produce world class beers" from its three breweries in Dar es Salaam, Arusha and Mwanza as well as the malt making plant in Moshi.

It has also cut down on importation of materials such as bottles and malt. TBL has been sourcing its bottles from the Dar-based Kioo Glass and Carnaud Metal Box.

The malting plant in Moshi purchases barley from over 500 farmers in Kilimanjaro and Arusha regions where last year it spent Tsh2.4 billion ($3 million). It was the largest source of income for farmers in northern Tanzania.