KT&G reports strong first-quarter growth in South Korea
According to KT&G’s financial report, the company’s sales and profit surged 11.5% and 10% respectively in the first quarter of 2022, reaching KRW 844.8 billion ($665 million) and KRW 272.6 billion. Performance was driven by KT&G’s thriving overseas busine
According to KT&G's financial report, KT&G's sales and profits surged by 11.5% and 10%, reaching 844.8 billion won (665 million USD) and 272.6 billion won in the first quarter of 2022. The performance was driven by KT&G's booming overseas business, with strong sales of its heated tobacco (HNB) products.
“Our expansion of heated tobacco product sales in domestic and international markets, along with increased exports of our traditional tobacco products, led to the overall revenue growth,” a KT&G employee was quoted by the Korea Times.
In the first quarter of this year, KT&G sold approximately 9.54 billion cigarettes in South Korea, a decrease of 0.9% compared to the same period last year. However, its market share increased by 1.2 percentage points to 65.7%. In the heated tobacco sector, the company's products accounted for 45.1% of the domestic market.
Due to strong sales in the Middle East and Asia-Pacific regions, KT&G's overseas sales of combustible cigarettes grew by 43.8% to 11.5 billion sticks.
