TPC Limited: A cut above the rest in national economy contributions

Moshi. TPC Limited closes the fiscal year 2023/24 with a Sh10.2 billion payout of dividend to the Government expediting its remarkable contribution to the country’s national economy.

The Government has pocketed a total of Sh61.07 billion as dividends from TPC Limited for the last four years with the year 2019 collecting Sh14.80 billion, 2020 (Sh15 billion), 2021 (Sh15.52 billion) and 2022 (Sh15.75 billion).

Despite posting such huge numbers in dividends, the sugar maker also saw its taxes payable to the Government tremendously surging from Sh65.7 billion in 2019 to Sh83 billion in 2022.

This positions TPC Limited, by far miles, as a leader in remitting dividends against all business entities that the Government of Tanzania have minority interest from 2020 to 2026.

More records unfold that it remains amongst the country’s top five GDP contributors in the entire agriculture sector for all years around.

The TPC results instill arrays of hopes for the envisaged dividends rise of Sh850 billion from the state-owned entities by the end of June this year as Treasury Registrar, Mr Nehemiah Mchechu projected at the dividends presentation by enterprises in June 11, 2024 at the State House, Dar es Salaam.

According to Mr Mchechu, 145 organisations, which is 36 more entities compared to the 109 organisations that contributed last year, while 159 organisations didn’t contribute anything to the Government’s coffer.

For her part, President Samia Suluhu Hassan stated that the distribution of dividends from organisations reflect the best laws, guidelines, policies, and business environment. On another note, TPC has achieved a record sugar production season for 2022/23.

 It has succeeded to produce 116,691 tons of sugar, almost 4,000 tons above their previous record. This represents one-third of all the sugar produced in Tanzania.

“We would like to extend our gratitude to all our stakeholders for their unwavering support in achieving this milestone.

Our stakeholders, including the government, suppliers, distributors, retail and wholesale trade, and our customers, have all played a vital role in making this achievement possible.”

“And above all, we would like to thank our shareholders including the government of Tanzania, our Board of directors for their regular approval of our expansion proposal and congratulate our employees for such wonderful performance.

Last season, we achieved such results despite of challenging conditions including excessive rainfall. We thank our employees, trade unions of TASIWU and TPAWU for their good collaboration, dedication, trust and hardworking that they have devoted to the company” stated TPC Limited Head of Corporate Affairs, Mr Jaffari Ally.

Furthermore, due to such performance, the company fulfilled its commitment to pay profit on bonus to our employees as per our signed collective Bargaining Agreement and our Human Resources Policy.

We really appreciate their diligence and commitments towards creating lasting marks on the TPC’s brand.

TPC’s Corporate Social Responsibility

“Through our NGO – FTK, the company and its stakeholders had offered massive donations to surrounding communities to live conditions.

Through FTK we spend nearly Sh1.2 billion to support the community in education, health services, improvement of village roads and infrastructure. We also spend some money for various village projects including supporting single mothers in the community.

On education, we have been able to rehabilitate Langasani and Kiyungi Primary schools, we also spent Sh350 million to build a complete new CHEWE Secondary school located in Chekereni-Weruweru.

All these projects were made possible by TPC and other donors including committed FTK staff,” he added.

Mr Ally commended: “Again, we would like to express our sincere appreciation to our stakeholders including the government of the United Republic of Tanzania, our supplier, sugar distributors, financial institutions and our customers for supporting TPC initiatives. We will continue to provide high-quality sugar products while maintaining our commitment to sustainability.”