KT&G Profit Rose in the Second Quarter of 2022
In its earnings report, KT&G said consolidated operating profit for the second quarter of 2022 reached 327.6 billion won ($249.7 million), up 1% year over year. Revenue for April through June totaled 1.42 trillion won, up 10.9% from the same period last y
In its earnings report, the company said KT&G posted consolidated operating profit of KRW 327.6 billion (USD 249.7 million) for the second quarter of 2022, up 1 percent year-on-year.
Revenue for the April-June period reached KRW 1.42 trillion, up 10.9 percent from the same period last year, while net profit rose 34 percent to KRW 330.1 billion.
The company said sales growth was driven by strong overseas sales and real estate margins.
International sales in the company’s conventional cigarette business surged 47.1 percent, mainly due to growth in Latin America and other emerging markets, as well as improved sales in Indonesia.
KT&G’s domestic market share in heated tobacco products increased from 40.4 percent in 2021 to 47 percent in 2022. According to KT&G, heated tobacco products now account for 16.7 percent of all tobacco sales in South Korea.
A company official said that despite rising interest rates and soaring commodity prices, KT&G’s conventional cigarette and vaping device businesses are expected to continue showing strong growth in the coming months.
