TANICA posts 104.7milions tanzania shillings profit

THE Tanganyika Instant Coffee (TANICA) has registered 104.7m/- profit, which is 24.7 per cent up compared to 83.7m/- recorded last season.

This was said by the TANICA General Manager, Mr Leonidace Ishansha, during the 13th Annual General Meeting (AGM) held in Bukoba over the weekend.

He informed the shareholders that production of instant coffee increased from 227 tons during 2014/15 to 250.9 tons in the 2015/16 season, implying 10.5 per cent success. He said production of roasted coffee increased to 347 tons during 2015/16 compared to 315.4 tons last season, implying 10 per cent.

Coffee sales also increased from 6.57bn/-during 2014/15 season to 6.97bn/-, implying 6.1 per cent. The members appealed to government to abolish unnecessary taxes on coffee crop in order to motivate the farmers and enable them to enjoy their sweat.

They noted that coffee farmers had uphill task in growing and maintaining the coffee crop compared to low price they were paid by cooperative unions.

They expressed concern that a big chunk of the coffee was lost through smuggling of the crop to a neighbouring country, appealing to the regional authorities to beef up surveillance on border posts.

The general meeting unanimously consented each paid up share to get dividend of one shilling.

TANICA shareholders have a total of 18,094,568 paid up shares worth 1,447,565,440/-. They include Kagera Cooperative Union (KCU 1990) with 9,656,391shares worth 772.5m/-,Karagwe District Cooperative Union (KDCU) with 5,758,740 shares worth 460.7m/-.

Others are Treasurer Registrar with 1,388,000 shares worth 111.0m/-, Tanzania Federation of Cooperatives (TFC) with 125,000 shares worth 90m/- and TANICA workers with 166,437 shares worth 13.3m/-.

By Daily News