Japan Tobacco, a leading tobacco company in Japan, released its report on October 31st, revealing a 7.4% year-on-year increase in total revenue for the third quarter of 2023, amounting to 2.157 trillion Japanese yen. Additionally, the company witnessed a 9.5% growth in net profit during the same period, reaching 442 billion Japanese yen.
Masamichi Terabatake, President and CEO of Japan Tobacco, has stated that despite intense market competition, the company's tobacco business continues to experience substantial growth, driven by a stable increase in market share and strong pricing.
Japan Tobacco has announced upward revisions to its projected revenue, core revenue, and adjusted operating profit. It is expected that the company will experience even greater growth in the coming year. The company plans to distribute a dividend of 188 yen per share, a disclosure made during the initial forecast.
Teruhata Terasuhata openly admitted that the company is ramping up its investment in heated tobacco products as part of its strategy to establish a foundation for future growth. Despite facing fierce competition in the market, their product, Ploom X, has already captured over 10% of the heated tobacco market in Japan and has been steadily increasing its market share from July to September 2023.
Terahata Masamichi stated that in response to the continuous depreciation of the yen, the company has conducted more proactive financial forecasting and adjustments, including revised operating profits. While adhering to the company's dividend policy, the annual dividend per share will remain unchanged at 188 yen.
He emphasized that, given the issue of hyperinflation in some markets, adjustments have been made to the results of the fiscal years 2022 and 2023, as well as the forecast for fiscal year 2023. He predicts that these hyperinflation issues will have an impact in countries such as Ethiopia, Iran, Sudan, and Turkey by the third quarter of 2023.
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