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 says a U.S. import block on some disposable vapes could cut illegal sales by about a third
BAT says a U.S. import block on some disposable vapes could cut illegal sales by about a third
Reuters reported that British American Tobacco (BAT) CEO Tadeu Marroco said a potential U.S. move to block imports of some disposable vapes could reduce the market for unregulated e-cigarettes by as much as a third, though any impact is unlikely before 2027.
Feb.13 by 2FIRSTS.ai
Pennsylvania Lawmaker Seeks to Keep Vape Shops Away From Schools
Pennsylvania Lawmaker Seeks to Keep Vape Shops Away From Schools
A Pennsylvania lawmaker is seeking legislation that would require newly licensed vape shops to be located at least 1,000 feet away from K-12 schools in the state. The proposal was put forward by State Representative Chris Pielli.
Mar.11 by 2FIRSTS.ai
Philippine Tobacco Control Coalition Backs Raising Legal Age for Vape and Tobacco Products to 25
Philippine Tobacco Control Coalition Backs Raising Legal Age for Vape and Tobacco Products to 25
A coalition of health and child rights advocates in the Philippines said it supports Health Secretary Teodoro Herbosa’s call to raise the legal age restriction for vape and tobacco products from 18 to 25. The group said scientific evidence shows that the brain of a young person continues to develop until the mid-20s, and that nicotine exposure during that period can cause lasting impairment in impulse control, learning, and mood regulation.
Mar.11 by 2FIRSTS.ai
BAT Malaysia Launches Workforce Exercise to Improve Efficiency and Align With Future Business Direction
BAT Malaysia Launches Workforce Exercise to Improve Efficiency and Align With Future Business Direction
British American Tobacco Malaysia has announced a workforce optimisation exercise aimed at streamlining operations ahead of a major shift in its distribution strategy.
Apr.01 by 2FIRSTS.ai
JT to Launch New Ploom Stick Variant “EVO Sakura Regular” Nationwide in Japan on April 6
JT to Launch New Ploom Stick Variant “EVO Sakura Regular” Nationwide in Japan on April 6
JT said it will begin rolling out “EVO Sakura Regular,” a new product under the premium EVO brand for the heated tobacco brand Ploom, at convenience stores and tobacco retailers across Japan from April 6. The product has already been on sale since February 3 through the CLUB JT online shop and Ploom Shops nationwide.
Mar.13 by 2FIRSTS.ai
JTI UK Updates Nordic Spirit Packaging to Strengthen “Strength and Flavour” Guidance
JTI UK Updates Nordic Spirit Packaging to Strengthen “Strength and Flavour” Guidance
Japan Tobacco International UK (JTI UK) has unveiled a refreshed brand identity for Nordic Spirit nicotine pouches. The new packaging is now live on JTI360 and will roll out to shelves over the coming months. The updated design strengthens on-pack guidance on strength and flavour, adding slower/faster release cues and a six-dot strength system (6–17mg). Each can contains 20 pouches and includes a lid compartment for storing used pouches before disposal.
Mar.04 by 2FIRSTS.ai