4 - Ceylon Tobacco Company
I would like to thank the organisers of this prestigious awards ceremony for once again recognising CTC as one of the TOP 30 corporates in Sri Lanka. I consider it an honour to humbly accept this award and acknowledge the achievement on behalf of the company. We are extremely happy to be here, positioned at number four where we have succeeded in being placed in the Top Ten for 11 consecutive years. CTC has performed commendably to achieve this recognition despite the challenging operating environment, which has hampered the growth of a legal business entity manufacturing a legal product. Most recently we were hit with unprecedented increases in excise and taxes, which has led to 20 per cent decline in our volumes. This unfortunately however, our loss seems to be a win for the less regulated and minimally taxed beedi. We are concerned that while this increasing tax on legal manufactured cigarettes has resulted in increasing Government revenues in the short term, the inevitable declining volumes will erode the share in the medium to long term. Working together is the only way we can see to ensure the sustainable future for Government revenues from the tobacco industry.