On May 3rd, Japan Tobacco Inc. (JTI) released its first quarter financial report for 2023. According to the report, JTI's revenue for the first quarter of 2023 was 665.3 billion Japanese yen (US$4.86 billion), a 14.4% increase year-over-year. Operating profit was 206.4 billion yen ($1.5 billion), a 15.7% increase, and net profit was 144.7 billion yen ($1.06 billion), a 16.6% increase.
Masamichi Terabatake, President and CEO of Japan Tobacco, has announced that the company achieved solid results in the first quarter of the year, based on its positive business momentum. The strong pricing of the tobacco business continued to drive the robust performance of the company.
According to Masamichi Terabatake, the increase in sales of heated tobacco sticks (HTS) has resulted in favorable financial results for Japan Tobacco. Following the successful launch of Ploom X in the United Kingdom, HTS has also been introduced in Italy and Lithuania in April, and will continue to be rolled out in Portugal in mid-May.
According to previous reports, on April 15th, Japan Tobacco announced its plans to invest 300 billion yen (approximately 2.25 billion USD) over the next three years in promoting its heat-not-burn product, Ploom X. Of this investment, 200 billion yen (approximately 1.5 billion USD) will be allocated to markets outside of Japan. The company aims to launch Ploom X in over 10 countries this year and expand to at least 20 countries by the end of 2024.
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