JT Ups Forecast on Strong Quarter

The JT Group reported revenue of ¥2.16 trillion ($14.29 billion) in the third quarter of 2023, up 7.4 percent over the comparable 2022 quarter. At constant currency exchange rates, core revenue increased 5.9 percent to ¥2.05 trillion. Adjusted operating profit at constant exchange rates jumped 5.9 percent to ¥675.5 billion. On a reported basis, the adjusted operating profit was ¥664.4 billion, up 4.2 percent from the 2022 quarter.

“The JT Group posted another set of strong results for the third quarter. In particular, the tobacco business reported solid growth across its indicators, driven by continued market share gains and robust pricing,” said JT Group President and CEO Masamichi Terabatake in a statement.

“We are accelerating investments in HTS to establish the foundation of our future growth, and these investments are progressing as planned. The market share of Ploom X in the HTS segment in Japan is steadily increasing with share exceeding 10 percent in the periods of July to September 2023, despite a competitive business environment.

“In addition, since July 2023, we have launched Ploom X in Switzerland, Poland, Hungary, Romania and Greece, and plan to roll it out in Kazakhstan in early November. We expect to continue the geographical expansion of Ploom X, to reach 28 markets by year end 2024.

The JT Group increased its full-year forecast for adjusted operating profit at constant currency by ¥34 billion to account for the stronger year-to-date top-line growth of the tobacco business.