BAT-Photiades improve market share

After a three-year collaboration, British American Tobacco Cyprus and the Photos Photiades Group presented their plans for further investments and commitment to contributing to the island’s economic recovery.

In a joint announcement, BAT Cyprus and Photos Photiades Group said that their overall investments exceed EUR 15 mln a year, while the tobacco company has paid EUR 520 mln in taxes in recent years.

Addressing the event, Finance Minister Harris Georgiades stressed the important contribution of both companies in supporting the economy, noting that their business activities have helped maintain and create new jobs, and simultaneously open up new prospects.

Having started their cooperation during a difficult time for both the retail sector and the economy, the two companies have so far covered 95% of tobacco product outlets across the island.

The Photiades Group’s wealth of experience and history in the retail sector, combined with BAT’s leading position in the tobacco products’ market has led the latter to increase its markets share.

Outlining the next steps, the Head of Finance at BAT Cyprus, Marios Argyrides, said: “We have an ambitious plan for the Cypriot market and the challenges it faces, filled with innovations and actions that, above all, will benefit the Cyprus economy.”

The two companies announced their joint collaboration with the Cyprus Red Cross, with a new social responsibility initiative to help 20 families over the next few months.