On May 9, Japan Tobacco Inc. (JT) released its financial report for the first quarter of 2024, showing significant financial growth for the company in that quarter. Operating income increased by 11.3% year-on-year to 740.3 billion yen (approximately 4.9 billion US dollars); net profit grew by 8.7% year-on-year to 157.3 billion yen (approximately 1 billion US dollars).
Data shows that compared to 2023, Japan Tobacco Inc.'s cigarette business revenue increased by 12.8%, or 6.6% at constant exchange rates, reaching 653.3 billion yen (approximately $43 billion). Adjusted net profit increased by 3%, or 4.9% at constant exchange rates, reaching 239.1 billion yen (approximately $1.5 billion); total cigarette sales volume decreased by 1.7% year-on-year, while sales of alternative tobacco products (such as heated tobacco products) increased by 25.2% year-on-year, with revenue increasing by 17.7%.
In certain markets, such as the UK, cigarette sales experienced a significant decline, dropping by 16.1%, according to the Japanese tobacco company. However, the overall market share of the tobacco market has increased in many markets, including Italy, the Philippines, Russia, and Taiwan, China.
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