Seoul, Nov. 9 (Yonhap) -- South Korean major tobacco company, KT&G Corp., announced on Wednesday that they will introduce a new HNB (Heat-Not-Burn) product to the domestic market to diversify their product lineup, which currently focuses on cigarettes.
The company stated in a press release that on November 16, KT&G will launch a promotional campaign for their heat-not-burn (HNB) tobacco product named lil ABLE and its premium version, lil ABLE PREMIUM, for local consumers.
HNB products are electronic devices that contain tobacco, which distinguishes them from e-cigarettes. The tobacco is heated to high temperatures instead of being ignited, producing smoke that the user inhales.
During the July-September quarter, KT&G's net profit surged 29% to 463 billion Korean won (approximately 2.4 billion Chinese yuan) from 359 billion Korean won a year earlier, thanks to increased exports and a weakening Korean won.
Currently, 90% of KT&G's total sales come from the cigarette business sector, with the remaining 10% coming from their HNB (Heat-Not-Burn) department. The company has been actively working to increase sales in their non-cigarette business sectors.
From January to September, net income increased by 21% from the same period last year, rising from 878.58 billion Korean won to 1.06 trillion Korean won (approximately 5.6 billion yuan).
New product line "Lil Able Series." Image source: Hankyoreh.
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