PMI Korea Reports Growth in Sales and Revenue for Consecutive 2 Years

PMI by 2FIRSTS.ai

Apr.03.2024

PMI Korea Reports Growth in Sales and Revenue for Consecutive 2 Years

Philip Morris Korea achieved sales and revenue growth for two consecutive years with the promotion of heated tobacco products.

According to South Korean media outlet MoneyS, Phillip Morris Korea has achieved growth in sales and operating income for two consecutive years through the promotion of its heated tobacco business.

According to the electronic disclosure system of the Financial Supervisory Service of South Korea, Philip Morris Korea's sales last year amounted to 7905.4122 billion Korean won (approximately 71 billion USD), an increase of 15.1% from the previous year. Operating profit was 1057.326 billion Korean won, up 31.1% from the previous year.

Philip Morris Korea had previously announced growth in sales and operating profit for 2022, showing growth for two consecutive years. In particular, operating profit in 2022 increased by 162.7% compared to the previous year. Industry experts attribute this upward trend to the strong performance of the IQOS lluma heated tobacco device.

Philip Morris Korea held a 19.5% market share in the domestic cigarette market last year, including both tobacco and heated tobacco pod products, marking the first increase in market share in five years for the company in South Korea.

References:

[1] "전자담배 잘 나가네"… 한국필립모리스 영업익 31%↑

Also Read:

[1] PMI Appoints Christos Harpantidis as Senior Vice President

[2] BAT's Strategy in Capital Markets and New Tobacco Products

[3] Philip Morris Moldova Introduces IQOS ILUMA Smokeless Tobacco Device

[4] Philip Morris Launches IQOS ILUMA in South Africa

#Asia #South Korea #PMI #Heated tobacco products #Major companies

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