BAT-Pho­ti­ades im­prove mar­ket share

Financial Mirror (Cyprus) - - FRONT PAGE -

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.

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