KT&G Reports 1% Increase in Q2 Operating Profit
In its financial report, Korea Tobacco & Ginseng Corporation (KT&G for short) stated that its second quarter comprehensive operating profit in 2022 was 327.6 billion Korean won ($249.7 million USD), which is a 1% year-over-year increase.
The KT&G building, sourced from KT&G.
During the period from April to June, the revenue was 1.42 trillion Korean won, an increase of 10.9% compared to the same period last year, with a net profit growth of 34% to 330.1 billion Korean won.
The company stated that its sales have increased, thanks to active overseas sales and the profitability of its real estate ventures.
The international sales of the company's traditional cigarette business increased by a remarkable 47.1%, largely due to growth in Latin America and other emerging markets, as well as improved sales performance in Indonesia.
KT&G's market share for heated tobacco products (HnB) in South Korea increased from 40.4% in 2021 to 47% in 2022. According to KT&G's data, HnB products now represent 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 vapor businesses will continue to experience robust growth in the coming months.
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