PMI's 2022 Financial Report: 7% Increase in Revenue
According to the 2022 financial report from Philip Morris International (PMI), the company's revenue from smoke-free products was $9.9 billion in 2022, up 7% from $9.2 billion in 2021.
However, the quantity of cigarettes and HNB (heated tobacco products) exported to Russia in 2022 decreased by 6% to 64.693 billion units.
Evgeny Fedotov, head of the tobacco consulting company Fedotov Group, said that the declining trend is likely a reflection of a general decrease in the consumption of cigarettes and other tobacco products. In 2022, many categories of tobacco have seen a decline, primarily due to a decrease in residents' actual income and secondly due to an increase in smuggling and counterfeit products in some categories.
Lev Grigoriev, the chairman of POURRENS, a professional alliance of participants in the electronic nicotine system market in Russia, said that the decline in sales this year is normal.
References:
Experts explain the decline in cigarette deliveries to Russia.
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