KT&G Achieves Record Sales in 2022

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.