Korea Tobacco Company KT&G (Korea Tobacco & Ginseng Corporation) said in its earnings report that consolidated operating profit for the second quarter of 2022 was 327.6 billion won ($249.7 million), up 1 percent year-on-year.
Revenue for the April-June period was KRW 1.42 trillion won( US $10.87 billion ), up 10.9 percent from a year earlier, while net profit rose 34 percent to 330.1 billion won.
The company said sales rose on the back of brisk overseas sales and property margins.
International sales at the company’s traditional cigarette business jumped 47.1%, helped by growth in Latin America and other emerging markets and improved sales in Indonesia.
KT&G’s share of the domestic market for heat-not-burn (HnB) products will increase from 40.4% in 2021 to 47% in 2022. Heat-not-burn products now account for 16.7 percent of all tobacco sales in South Korea, according to KT&G.
Despite rising interest rates and soaring commodity prices, KT&G’s traditional tobacco and vaping business will continue to grow strongly in the coming months, a company official said.
