On February 14th, Japan Tobacco Inc (JTI) announced their financial results for 2022. The report revealed that JTI had achieved a revenue of 2.6578 trillion yen (201 billion USD), a year-on-year increase of 14.3%. Net profits were also up, reaching 442.7 billion yen (3.34 billion USD), a 30.8% increase from the previous year. Both revenue and net profits have reached record highs.
JTI has forecasted that its revenue will decrease by 1.1% to ¥2,629 billion ($19.87 billion) in 2023.
The President and CEO of JTI Group, Masamichi Terabatake, has announced that the company overcame global challenges and achieved strong performance in 2022, thanks to stable pricing and continuous market share growth in the tobacco industry. However, the company now faces the need for significant investment in heated-not-burn pods (HTS) during 2023 to ensure future revenue growth for JTI Group.
2FIRSTS is set to analyze JTI's annual report. Stay tuned for updates.
References:
The financial results for JT Group in 2022 have been released, along with the forecasting for 2023.
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