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.
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