Key Points:
·Income Slightly Increases: Oettinger Davidoff AG achieved a global revenue of 541.7 million Swiss francs (700 million US dollars) in 2024, with strategic reductions to meet new EU regulations in May.
·Brand performance: Davidoff and Zino saw growth of 15% and 28.1% respectively.
·Capacity adjustments: The Honduras factory is currently expanding its production capacity.
According to a report from Tobacco Reporter on June 20th, Oettinger Davidoff AG announced that their global revenue for 2024 was 541.7 million Swiss francs (700 million US dollars), showing a 0.9% growth from the previous year despite a significant decrease in production. The company produced a total of 38.5 million cigars in their factories in the Dominican Republic and Nicaragua, a 21% decrease from the 48.8 million produced in 2023. The company stated that this reduction in production was intentional, aimed at proactively meeting new EU regulations set to take effect in May 2024.
"In 2024, it will be another glorious year in the 150-year history of our family business."
Beat Hauenstein, CEO of Otto David Duff Corporation, stated in a press release.
"The solid performance in 2024 proves that our investments in branding, retail, and shopping experience have paid off. We are fully prepared to continue writing a new chapter."
Despite a decrease in production, Davidoff stated that their capacity at the Diadema Cigars de Honduras SA factory in Danli, Honduras is expanding following last year's expansion in the Dominican Republic. In terms of brand performance, Zino grew by 28.1% and flagship brand Davidoff grew by 15%.
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