On February 9th, KT&G announced that its sales in 2022 reached a record high of 58.5 trillion Korean won (4.65 billion US dollars), representing a 12% growth from the previous year. The increase was primarily driven by the popularity of its heated tobacco product line.
During the same period, the company's net income was 1 trillion South Korean won ($1.125 billion), representing a 3% increase compared to the previous year.
The company was particularly encouraged by the overseas sales of their HNB products, which reached a record sales figure of 1.42 trillion won (US$1.126 billion), marking a 13.8% year-on-year increase.
It is said that the strengthening of the global sales network focused on emerging markets such as Central and South America has driven overall sales growth.
Cho Jae-young, the global business director of KT&G, announced during an earnings conference that the company's sales in new markets such as Africa and Latin America grew by 43%. With such a strong record, the company is accumulating overall robust sales data worldwide. Cho also stated that the company plans to export new products to the Asia-Pacific and Middle East regions this year.
KT&G, according to sources, is planning to establish two HNBpod factories overseas, with locations in Eastern Europe and Kazakhstan.
References:
KT&G, a South Korean tobacco company, has announced record earnings due to increased sales of e-cigarettes overseas.
Further Reading:
KT&G, a South Korean tobacco company, is planning to expand its market presence in Europe and Central Asia by establishing a new factory for its heat-not-burn product, HNBpod.
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