JT Q3 2024 earnings: net profit down 11.5% YoY to $900 million, heated tobacco revenue up 10% YoY

Oct.31.2024
JT Q3 2024 earnings: net profit down 11.5% YoY to $900 million, heated tobacco revenue up 10% YoY
JT's Q3 earnings report shows revenue up 7.7% year-on-year to 823.4 billion yen (approximately $5.4 billion), while net profit dropped 11.5% to 137.2 billion yen. Revenue from reduced-risk products (RRP) rose about 22.8% YoY, with Ploom sales showing significant growth in Japan and other markets.

Japan Tobacco (JT) released its third-quarter financial report on its official website on October 31. The report showed that the company's revenue for the third quarter increased by 7.7% year on year to 823.4 billion yen (US$54 billion), while net income decreased by 11.5% year on year to 137.2 billion yen (US$9 billion).

 

JT Q3 2024 earnings: net profit down 11.5% YoY to $900 million, heated tobacco revenue up 10% YoY
Financial report for the third quarter and first half of 2024 | Image source: JT

 

Key details from Japan Tobacco’s earnings report are as follows:

 

  • For the first three quarters of 2024, revenue rose 11.0% YoY to 2.3933 trillion yen ($15.7 billion), with core revenue up 6.8% YoY to 2.214 trillion yen ($14.5 billion).

 

  • In Q3 2024, Ploom sales grew by 28.1% in Japan, with over a twofold increase in other markets, driving RRP (reduced-risk products) revenue up 9.8% YoY. By the end of Q3, cumulative RRP sales rose by 22.8%, with related revenue up 21.7% YoY.

 

  • Ploom has continued to gain market share in key markets, including the Philippines, Russia, Spain, Taiwan, and Turkey.

 

  • The acquisition of Vector Group Ltd. has been completed, with Japan Tobacco (JT) aiming to strengthen its profitability in the U.S. combustible tobacco market, supporting long-term cash flow and financial stability.

CEO Masamichi Terabatake stated that JT will adhere to the “4S” management model, pursuing the JT Group Purpose of “Fulfilling Moments, Enriching Life” to guide the company’s sustainable path through evolving personal, social, and environmental contexts.

 

“Our market share momentum is strong, with overall demand in several markets surpassing expectations and RRP revenue up approximately 22% YoY,” Terabatake noted.

 

We welcome news tips, article submissions, interview requests, or comments on this piece.

Please contact us at info@2firsts.com, or reach out to Alan Zhao, CEO of 2Firsts, on LinkedIn


Notice

1.  This article is intended solely for professional research purposes related to industry, technology, and policy. Any references to brands or products are made purely for objective description and do not constitute any form of endorsement, recommendation, or promotion by 2Firsts.

2.  The use of nicotine-containing products — including, but not limited to, cigarettes, e-cigarettes, nicotine pouchand heated tobacco products — carries significant health risks. Users are responsible for complying with all applicable laws and regulations in their respective jurisdictions.

3.  This article is not intended to serve as the basis for any investment decisions or financial advice. 2Firsts assumes no direct or indirect liability for any inaccuracies or errors in the content.

4.  Access to this article is strictly prohibited for individuals below the legal age in their jurisdiction.

 

Copyright

 

This article is either an original work created by 2Firsts or a reproduction from third-party sources with proper attribution. All copyrights and usage rights belong to 2Firsts or the original content provider. Unauthorized reproduction, distribution, or any other form of unauthorized use by any individual or organization is strictly prohibited. Violators will be held legally accountable.

For copyright-related inquiries, please contact: info@2firsts.com

 

AI Assistance Disclaimer

 

This article may have been enhanced using AI tools to improve translation and editorial efficiency. However, due to technical limitations, inaccuracies may occur. Readers are encouraged to refer to the cited sources for the most accurate information.

We welcome any corrections or feedback. Please contact us at: info@2firsts.com

BAT’s Product Strategy Reset: A Structural Analysis of Its Post-FY2025 Competitive Architecture
BAT’s Product Strategy Reset: A Structural Analysis of Its Post-FY2025 Competitive Architecture
Drawing on BAT’s FY2025 results and earnings call, 2Firsts finds the company shifting from category expansion to competitive entrenchment across Vapour, Modern Oral, Heated Products and Combustibles. The strategy centers on connected devices, geographic customization and portfolio tiering. While structurally coherent, financial returns depend on consistent regulatory enforcement against illicit competitors, making policy execution a key variable for 2026 performance.
Feb.12
UK reminds vaping firms to apply for new excise duty registration from April 2026
UK reminds vaping firms to apply for new excise duty registration from April 2026
HMRC has issued a reminder urging vaping manufacturers, importers and warehouse operators to prepare for registration under the UK’s new Vaping Products Duty, with applications opening in April 2026 and the duty taking effect in October.
Feb.10
Five Inner West Sydney shops shut for 90 days after 780,000 illicit cigarettes and 2,200 illegal vapes seized
Five Inner West Sydney shops shut for 90 days after 780,000 illicit cigarettes and 2,200 illegal vapes seized
NSW Health has shut down five Inner West Sydney stores for 90 days after a major seizure of illicit cigarettes and illegal vapes, with two additional premises in Northern NSW also served closure notices. The action forms part of a broader crackdown that has seen 66 stores closed since new laws took effect in late 2025, with NSW Health warning further enforcement — including prosecution — may follow.
Feb.09 by 2FIRSTS.ai
FDA Authorizes Glas Vape but Flavor Hopes Fall Short
FDA Authorizes Glas Vape but Flavor Hopes Fall Short
The FDA has added Glas products to its authorized electronic nicotine delivery systems (ENDS) list, granting Marketing Granted Orders (MGOs) to the Glas G DEVICE and a BLONDE TOBACCO pod. The decision expands the number of FDA-authorized ENDS products to 41, marking the first new authorization since Juul’s approvals in July 2025. However, widely anticipated non-tobacco flavored products were not approved.
Mar.13
Alaska AG warns 1,500+ retailers to stop selling unauthorized vapes and nicotine pouches
Alaska AG warns 1,500+ retailers to stop selling unauthorized vapes and nicotine pouches
Alaska’s attorney general has sent warning letters to more than 1,500 retailers and distributors, cautioning them against selling tobacco products — including e-cigarettes and oral nicotine pouches — that lack U.S. Food and Drug Administration authorization.
Mar.06 by 2FIRSTS.ai
Can hookah go institutional? A hookah company seeking to go public makes its case with capital, technology and regulation
Can hookah go institutional? A hookah company seeking to go public makes its case with capital, technology and regulation
2Firsts explored whether hookah can evolve into a more mature and governable category by interviewing Dubai-based hookah company AIR. AIR argues that strong margins, OOKA’s closed-system model and the prospect of differentiated regulation could support that shift. The larger question is whether this is simply AIR’s capital-markets narrative, or an early sign that competition, regulation and category boundaries in hookah are beginning to change.
Apr.02