Japan Tobacco’s revenue increased by 11.3 percent to ¥740.3 billion ($4.75 billion), year-on-year, in the first quarter of 2024. Core revenue at constant currency exchange rates rose by 5.7 percent to ¥676.7 billion while adjusted operating profit at constant exchange rates increased by 3.4 percent to ¥231 billion.
On a reported basis, adjusted operating profit increased by 1.5 percent to ¥226.7 billion. Operating profit increased by 4.6 percent to ¥215.8 billion, and profit increased by 8.7 percent to ¥157.3 billion.
“The JT Group delivered robust results in the first quarter,” said President and CEO Masamichi Terabatake in a statement. “GFB [global flagship brands] volume growth and solid pricing, as well as RRP [reduced-risk product]-related revenue increasing by double-digits in the tobacco business, continued to drive the strong performance of the group.”
“RRP volume increased by 25.2 percent year-on-year, mainly driven by the HTS [heated-tobacco sticks] segment, which is our investment priority. Geo-expansion of Ploom X is on track; we have completed launches in four additional markets year-to-date. With plans to launch in four more markets by June, we are making good progress to deliver our ambitions set for 2028.”