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

Oct.31.2024

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).

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.

References:

[1] JT 2024 Third Quarter Results

Also Read:

[1] JT Group to Acquire Vector Group Ltd. for $2.4B, US Market Share Up to 8%

[2] Japan Tobacco Corporation Reports Strong Financial Growth in Q2 2024

[3] JT Group Reports Record Profits in 2023FY: Ploom Occupying More than 10% of Japan's HNB Market

[4] JTI Plans to Enter Korean HNB Market in H1 2024

[5] Japan Tobacco Corporation Reports Strong Financial Growth in Q1 2024

#Asia #Market #Japan #Heated tobacco products

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

Product | FLONQ Parent Company Launches New Vaping Brand ROQY: Two Hybrid-Nicotine Devices Debut in Russia

Alfabet Labs, the parent company of FLONQ, has recently launched its new vaping brand ROQY in Russia, debuting two products: ROQY L and ROQY M. Both devices use a hybrid nicotine formulation combining nicotine salts and freebase nicotine and are each available in 19 flavors. The two products are now on sale via the official ROQY website as well as multiple online and offline retailers across Russia.

Nov.19 by 2FIRSTS.ai

South Korea Implements Public Tobacco Harmfulness Management Program, Including 22 Harmful Components in E-Cigarettes

South Korea’s Ministry of Health and Welfare and the Ministry of Food and Drug Safety convened the first 2025 Tobacco Harmfulness Management Policy Committee, finalizing new lists of harmful substances for cigarettes, heated tobacco products, and liquid e-cigarettes to be publicly disclosed from next year.

Nov.14 by 2FIRSTS.ai

2Firsts Observation | U.S. E-cigarette Regulation Enters Normalized Phase as Federal and State Authorities Tighten Compliance Frameworks

In just two months, U.S. authorities seized over 7 million illegal e-cigarettes. 2Firsts’ analysis reveals a shift toward institutionalized regulation, with federal and state agencies intensifying enforcement — signaling a major reset in the world’s largest and most influential vaping market.

Oct.28

Product | Magnetic-attach design + mini display: FASTA’s new product goes on sale in the U.S., priced around $16

FASTA’s 40K Kit hits U.S. retailers: magnetic prefilled pods + reusable battery, mini display, two power levels; rated 20 mL/40,000 puffs/50 mg; some listings at $15.99.