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

Jinjia Venture Faces New Judicial Auction, Control Unchanged
Jinjia Venture Faces New Judicial Auction, Control Unchanged
Jinjia Group said its controlling shareholder, Jinjia Venture, will have part of its holdings auctioned by the Shenzhen Nanshan Court, involving 43.4 million shares. Earlier, the Shenzhen Intermediate Court announced another auction of 37.27 million shares. Together they represent 5.56% of total equity. Jinjia said the auctions will not affect company control.
Oct.23 by 2FIRSTS.ai
China Qingdao Jiaodong Airport Customs Seizes 430 Disposable E-Cigarettes and 8600ml of E-Liquid
China Qingdao Jiaodong Airport Customs Seizes 430 Disposable E-Cigarettes and 8600ml of E-Liquid
Qingdao Jiaodong Airport customs seized 430 disposable e-cigarettes with 8600ml e-liquid, exceeding personal duty-free limits. Items detained for legal processing.
Oct.14 by 2FIRSTS.ai
Russia’s Vape Market Squeezed by Excise Hikes and Criminal Marking Rules
Russia’s Vape Market Squeezed by Excise Hikes and Criminal Marking Rules
According to Business FM, Russia’s vape and e-liquid supply has tightened since mid-Aug; by early Oct top liquids had largely disappeared and prices rose ~50% vs early summer. Shops cite a two-year excise hike to RUB 44/mL and, from Aug, criminal liability for unmarked goods (large-scale from RUB 100k), prompting withdrawals. Some chains report compliant substitutes. A bill would let regions ban vape sales.
Oct.30 by 2FIRSTS.ai
Samsung's battery explosion case proceeds as court finds manufacturer maintained “sufficient contacts” with the state
Samsung's battery explosion case proceeds as court finds manufacturer maintained “sufficient contacts” with the state
The Minnesota Court of Appeals has ruled that Samsung SDI Co., Ltd., a South Korean battery manufacturer, is subject to Minnesota jurisdiction in a product-liability case involving a vape battery explosion. The court found the company had “sufficient minimum contacts” with the state through extensive business activity.
Oct.20 by 2FIRSTS.ai
Philip Morris USA Reaches $66M Settlement With Washington State Over MSA Payment Dispute
Philip Morris USA Reaches $66M Settlement With Washington State Over MSA Payment Dispute
Philip Morris USA has reached a settlement with Washington State and agreed to pay $66 million to resolve disputes over annual payments under the 1998 Master Settlement Agreement (MSA) for the period 2005–2015.
Nov.04 by 2FIRSTS.ai
Shop owner in West Sussex convicted for illegal sale of tobacco and e-cigarettes, caught with 198 illicit e-cigarettes
Shop owner in West Sussex convicted for illegal sale of tobacco and e-cigarettes, caught with 198 illicit e-cigarettes
Shop owner in Worthing, West Sussex convicted for illegal tobacco and e-cigarette sales, will be sentenced next month.
Sep.28 by 2FIRSTS.ai