On August 2nd, Japan Tobacco Inc. (JT) released its financial report for the second quarter and first half of 2024, showing significant financial growth for the company in the quarter. In the second quarter, operating income increased by 14% year-on-year to 829.6 billion yen (approximately 55.8 billion USD); net profit also increased by 3.9% year-on-year to 147.9 billion yen (approximately 1 billion USD). For the first six months of the year, operating income increased by 12.7% compared to the same period in 2023, reaching 15,699 billion yen (approximately 106 billion USD); net profit increased by 6.3% year-on-year to 305.2 billion yen (approximately 20.5 billion USD).
Key Financial Highlights for JT in the Second Quarter of 2024 (compared to the second quarter of 2023):
Total revenue increased by 14.0% to reach 829.6 billion yen. Core revenue (calculated at a constant exchange rate) grew by 6.7% to reach 745.7 billion yen. Adjusted operating profit (calculated at a constant exchange rate) increased by 2.0% to reach 223.8 billion yen. Operating profit increased by 4.7% to reach 216.8 billion yen. Net profit increased by 3.9% to reach 147.9 billion yen. Key financial highlights for the first half of 2024 for JT (compared to the first half of 2023) include:
Overall revenue increased by 12.7% to 156.99 billion yen. Core revenue, calculated at constant exchange rates, grew by 6.2% to 142.24 billion yen. Adjusted operating profit, also calculated at constant exchange rates, increased by 2.7% to 45.48 billion yen. Operating profit grew by 4.6% to 43.27 billion yen. Net profit increased by 6.3% to 30.52 billion yen.
Forecast adjustment for the full year 2024:
Income is expected to increase by 930 billion yen, with a full year growth of 9.4%. Core income (calculated at a constant exchange rate) is expected to increase by 200 billion yen, with a full year growth of 4.7%. Adjusted operating profit (calculated at a constant exchange rate) is expected to increase by 170 billion yen, with a full year growth of 2.3%. Operating profit is expected to increase by 120 billion yen, but decrease by 1.8% year-on-year. Net profit is expected to increase by 200 billion yen, but decrease by 1.5% year-on-year. Free cash flow is expected to decrease by 677 billion yen. Masamichi Terabatake, President and CEO of the JT Group, stated:
JT Group performed well in the first half of the year, with strengthened market share and pricing strategies driving growth in the tobacco business. Total sales volume increased by 2.0% year-on-year, with combustible products growing by 1.7% and HNB products (RRP) growing by 25.5%. Particularly in the Japanese market, Ploom sales increased by 36% and expanded in 21 markets globally, with sales steadily rising.
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