KT&G Report Shows Record Growth in Heated Tobacco Business
KT&G reported record quarterly revenue of KRW 1.69 trillion (USD 1.29 billion) for the period ended September 30, 2023, up 4% year-on-year. Despite rising costs, operating profit increased 0.3% to KRW 406.7 billion. Revenue growth was driven by the strong
KT&G reported that its quarterly revenue for the period ending September 30, 2023, reached a record 1.69 trillion won (1.29 billion USD), a 4% increase compared to the same period last year. Despite rising costs, operating profit still grew by 0.3% to 406.7 billion won.
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The robust performance of the heated tobacco business drove revenue growth, with total company revenue from both domestic and overseas sales rising to 972.7 billion won, a 3% year-on-year increase. Operating profit from heated tobacco products reached 269.4 billion won, a 0.6% increase year-on-year.<\/div>
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The overseas heated tobacco business achieved remarkable growth across all key metrics, with KT&G's overseas heated tobacco revenue increasing by 26.3% to 321.6 billion won, and sales reaching 14.82 billion sticks, a 21% year-on-year increase. The double-digit growth in revenue and sales of overseas heated tobacco products is primarily attributed to strategic pricing and the comprehensive growth of exports and overseas subsidiaries.<\/div>
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Domestic and international sales figures for the heated tobacco business also recorded double-digit growth. KT&G's domestic market sales reached 1.45 billion sticks, while overseas market sales reached 2.03 billion sticks, representing year-on-year increases of 13.3% and 22.3%, respectively.<\/div>
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In the third quarter, KT&G's main focus was on enhancing its financial performance by strengthening its global competitiveness in core business areas. As part of this effort, KT&G made significant investments in Indonesia and Kazakhstan in September and October.<\/div>
