00:00Despite recording a 27% decrease in profits in 2024, Witko continues to contribute significantly to this country's GDP.
00:10Minister of Trade and Industry Paula Gopisku notes, while the government does not promote smoking, cigarettes are a top seller.
00:17All I can tell you is that cigarettes are very high on our exports. It's usually in our top 10 on the non-energy side.
00:23As such, she notes, there is money in cigarettes. But she says, government has done its part through regulation and Witko does abide.
00:53So that's it. I think generally it's there for the public to see. And so those who choose it, it's because they've chosen it on the basis that they understand all of the negative effects of it as well.
01:06But it's a habit that people have. There's money to be made in cigarettes, in the manufacturing of it. And that's both sides of the equation.
01:16Meantime, the illicit trade is estimated to cost this country about $30 million in uncollected taxes each year.
01:24Generally, you're talking about cigarettes. You would have some consumer items like tillage and so on, alcohol, also pharmaceuticals.
01:35There were about six or seven seizures. It would not have been in the public domain. And there are some issues that we have to iron out further.
01:43For instance, when you do seize this amount of cigarettes, where do you put them? Because what follows after that is that this person ought to be charged.
01:52So those are things that are still to be ironed out by the task force.
01:57Meantime, despite a reduction in revenue attributed to changes in domestic consumer preference, Witko's portfolio has expanded to include the top-selling vaping brand globally.
02:08We are just progressing in vaping. We started the import of vaping product in July of 2023.
02:14And we are just expanding the product line, ensuring that our product is a quality product and that we offer varieties that will offer consumers optimum choice.
02:28So it is a growing market. And of course, the market share would not indicate what our potential is.
02:34But suffice it to say that we are more visible than we had been a year or so ago.
02:40Renessa Cutting, TV6 News.
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