Habanos earned $445 million from Cuban cigar sales in 2016, 5 percent more than in 2015.
Vice President of Development Javier Terres attributed the uptick to steady growth in traditional markets such as Spain, France, Germany and Britain, as well as an increase in sales in emerging markets such as Eastern Europe, the Middle East, Latin America and the Asia-Pacific region.
Speaking at the opening of the 19th International Habanos Festival in Havana, Terres said that the increase in sales, despite tough regulations in certain European markets, is a “good sign” for Cuban cigars.
However, the U.S. trade embargo against Cuba continues to be a major impediment to growth, he noted.