Intretech, a PMI Upstream Supplier, Saw 2022 Net Profit Drops 36.57% to $108 Million
Intretech recently released its annual report for 2022 and the first quarter of 2023. The report revealed that the company's 2022 operating revenue was approximately CNY 43.45 billion (USD 6.77 billion), a decrease of 38.46% year-over-year. The net profit attributable to shareholders of the listed company was around CNY 693 million (USD 108 million), a decline of 36.57%. In the first quarter of 2023, operating revenue was CNY 8.71 billion (USD 1.36 billion), down 32.54% year-over-year, with net profit dropping 48.42% to CNY 80.17 million (USD 12.48 million).
In the annual report, Intretech stated that the company mainly provides research and development and manufacturing services for heated tobacco products. The US FDA approved the company's client's electronic cigarette product as a Modified Risk Tobacco Product (MRTP) in July 2020, making it the only inhalable new tobacco product to pass the MRTP review. According to publicly disclosed information from the client, they have obtained the distribution rights for heated tobacco products in the US and will begin selling related products in the country starting April 2024.
Intretech is known for manufacturing IQOS components for Philip Morris International (PMI).
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