China Tobacco International (HK) Announces Positive 2024 Mid-year Profit Forecast

Jun.04.2024

China Tobacco International (HK) Limited (06055.HK) projects over 10% revenue growth and 30% profit increase in 2024 mid-year report.

On June 3rd, China Tobacco International (HK) Limited (06055.HK) released a positive profit forecast for the mid-year of 2024. According to the announcement, it is expected that for the six months ending on June 30, 2024, the company's revenue will increase by no less than 10% compared to the same period in 2023, and the profit attributable to the owners of the company will increase by no less than 30%.

Its revenue and owner earnings for the same period in 2023 are expected to increase compared to the previous year, with the main reasons being as follows:

Due to actively seizing the opportunity of the continuous recovery of duty-free shop consumer traffic after the epidemic, further optimizing the tobacco product mix, increasing the proportion of self-operated business, the company's tobacco export business revenue and gross profit have increased significantly; influenced by seasonal fluctuations in tobacco leaves, the import quantity of tobacco products in this period has increased compared to the same period last year, coupled with an overall increase in average selling price compared to the same period last year, resulting in an increase in revenue and gross profit for the company's tobacco import business; the company actively organized suitable sources of goods, optimized pricing strategies, leading to an increase in revenue and gross profit for tobacco export business.

According to reports, the detailed financial data for this period will be disclosed in the interim performance announcement, which is expected to be released by August 31, 2024, or earlier.

References:

[1] 中烟香港2024年中期正面盈利预告

Also Read:

[1] China Tobacco Hong Kong 2023FY: 42% YoY Increase Driven by Cigarette Export and Operations in Brazil

[2] 2023 Annual Profit: China Tobacco International (HK) Expects Significant Growth of More than 50%

[3] China Tobacco International (HK) Showcases Heat-not-burn Products at InterTabac

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