Sweden's Match Sales Increase by 21% in Q3 2022
In the third quarter of 2022, the sales revenue of Swedish Match increased by 21%, reaching SEK 5.78 billion ($527.7 million). In local currency, the group's sales revenue increased by 5%. The group's operating profit also increased to SEK 2.4 billion, up from SEK 2.08 billion in 2021.
Swedish match products
The operating profit of smoke-free products increased by 12%. However, the cigar product segment market experienced a decrease in operating profit due to a decrease in trading volume. The lighting product segment market faced particularly difficult conditions, resulting in a sharp decline in operating profit.
Swedish Match reported a post-tax profit increase from SEK 1.54 billion in Q3 of 2021 to SEK 1.78 billion in Q3 of 2022. The company attributed its performance to growth in its smokeless tobacco business in the United States and a strong U.S. dollar. Lars Dahlgren, CEO of Swedish Match, said in a statement, "Our core smokeless business, particularly the nicotine pouch business, continues to show strength and attractive prospects from a commercial and harm reduction standpoint." He added, "While we faced some challenges this quarter, the potential development of our various businesses is stronger than the financial situation described in the report.
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