Scandinavian Tobacco Group (STG) reported net sales DKK2.37 billion ($352.77 million) for the second quarter of 2024, up from DKK2.23 billion for the comparable 2023 period.
Net sales increased 4.8 percent organically driven by handmade cigars and next generation products. The decline rate in machine-rolled cigars & smoking tobacco improved compared with the first quarter.
“The second quarter financial performance supports our expectation for the full year,” said STG CEO Niels Frederiksen in a statement.
“During the past months, we have taken material steps in executing our strategy and to safeguard our financial performance in challenging markets. The new commercial structure has been completed and we have taken additional steps to re-establish our market position in machine-rolled cigars and to improve our cost agility across the group. Further, the acquisition of Mac Baren strengthens our smoking tobacco business where the combination with our existing business will deliver meaningful synergies and good value for our shareholders”.