Vimto warns of lower profit after UAE, Saudi impose sugar tax

Vimto warns of lower profit after UAE, Saudi impose sugar tax
Vimto warns of lower profit after UAE, Saudi impose sugar tax

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Aden - Yasmine El Tohamy - The company said it may have to increase retail prices of its drinks to offset the 50% excise tax.

Vimto soft drinks maker Nichols on Monday warned its full-year 2020 pretax profit could be materially below current expectations, citing an excise tax on non-carbonated sweetened drinks in Saudi Arabia and the UAE.

The company said it may have to increase retail prices of its drinks to offset the 50 per cent excise tax and that in turn could affect its 2020 performance.

Nichols added that since the tax will be applied on non-carbonated drinks with either natural or artificial sweeteners, product reformulation is not an option.

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