JTI Reports 10.7% Net Income Growth in Q2 2022

The JTI Group has reported a net income of JPY 1.27 trillion (USD 9.5 billion) for the second quarter of 2022, reflecting a year-on-year growth of 10.7% compared to 2021. When calculated at a fixed exchange rate, the income growth reached 3.7%, which totaled JPY 1.14 trillion. The adjusted operating profit increased by 8% at a fixed currency rate, reaching JPY 338.77 billion. The profit also increased by 17.3% to JPY 264.1 billion.

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Masamichi Terabatake, President and CEO of JTI Group, announced that the company's performance in the first half of the year was strong, largely driven by advantageous product pricing. He also expressed encouragement with the performance of Ploom X and stated that the company will take advantage of Japan's expertise to guide the international release of the product in the second half of this year.

As a result of favorable fluctuations in the Chinese yuan against the Japanese yen, we have revised upwards our adjusted operating profit and profit forecasts for full-year 2022. However, taking into account the higher input costs that are affecting our supply chain operations, the constant currency-adjusted operating profit is down. The guidance for full-year dividend per share remains unchanged at 150 yen per share. The interim dividend is 75 yen per share.

Regarding Russia, despite continuing to manufacture and distribute our products in compliance with national and international sanctions, the operating environment is becoming increasingly complex. In this context, the JTI group continues to evaluate various options for its Russian business, including the possibility of transferring ownership, and will make necessary decisions in accordance with the group's management principles to address the constantly changing situation.

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