KT&G Reports 1% YoY Growth in Q2 2022
KT&G, also known as Korea Tobacco & Ginseng Corporation, has reported a second quarter operating profit of KRW 327.6 billion (USD 249.7 million) in 2022, representing a 1% year-on-year growth.
During the period of April to June, the revenue amounted to 1.42 trillion Korean won, which is a 10.9% increase compared to the same period last year. The net profit also increased by 34% to 330.1 billion Korean won.
The company stated that its sales have grown thanks to active overseas sales and profits from the real estate sector.
The international sales of the company's traditional cigarette business have seen a significant increase of 47.1%, mainly due to the growth in Latin America and other emerging markets, as well as improved sales in Indonesia.
South Korean tobacco company KT&G has increased its market share in the country's heated not burned (HnB) product market from 40.4% in 2021 to 47% in 2022. According to KT&G's data, HnB products now account for 16.7% of all tobacco sales in South Korea.
A company official stated that despite rising interest rates and soaring commodity prices, KT&G's traditional and steam businesses will continue to show strong growth in the coming months.
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