TobaccoReporter logo

Category: Business & Finance

  • KT&G Raises Forecast After Record First-Half

    KT&G Raises Forecast After Record First-Half

    KT&G raised its full-year guidance after reporting record first-half revenue and a fourth consecutive quarter of double-digit profit growth. Second-quarter revenue increased 9.9% year over year to 1.7 trillion won ($1.2 billion), while operating profit rose 18.5% to 414.5 billion won ($290 million). First-half revenue reached a record 3.4 trillion won ($2.4 billion), prompting the company to increase its 2026 outlook to 5%-7% revenue growth and 10%-13% operating profit growth.

    Growth was driven by the tobacco business, where overseas revenue climbed 18.9% and operating profit surged 45.6% on higher sales volumes and price increases. KT&G also reported a 23.8% increase in next-generation products revenue, led by heated tobacco products, while maintaining a 67.9% share of South Korea’s cigarette market and a 48.2% share of the domestic heated tobacco segment. The company also increased its interim dividend to 2,000 won ($1.40) per share, reaffirmed plans for additional share buybacks and cancellations, and said it will introduce a new heated tobacco product in the second half of the year.

  • BAT Announces Marketing Board Changes

    BAT Announces Marketing Board Changes

    British American Tobacco announced a series of senior leadership changes, with Chief Marketing Officer Luciano Comin set to retire on Feb. 28, 2027, after a 34-year career with the company. Comin, who has served on the Management Board for eight years, including the past three as CMO, will be succeeded by Pascale Meulemeester, currently regional director for Asia Pacific, Middle East, and Africa (APMEA). Meulemeester will become Chief Marketing Officer Designate on Jan. 1, 2027, and assume the role on March 1, 2027.

    The company also appointed Celina Li as regional director designate for APMEA, effective Sept. 1. Li, currently Chief Commercial Officer and general manager, International & Ingredients at Ocean Spray Cranberries, will take over as APMEA Regional Director and join BAT’s management board on Jan. 1, 2027. CEO Tadeu Marroco said the appointments support BAT’s ongoing transformation strategy, highlighting Meulemeester’s brand-building expertise and Li’s international leadership and consumer business experience.

  • AIR Global to Report 1H 26 Results on Aug. 20

    AIR Global to Report 1H 26 Results on Aug. 20

    AIR Global PLC announced it will report its financial results for the six months ended June 30, on Aug. 20, with the earnings release scheduled for approximately 7 a.m. ET. The company will host a live webcast at 8 a.m. ET to discuss the results.

    The webcast will be led by CEO Stuart Brazier and CFO Bassem Lotfy and will include a review of the company’s financial performance followed by a question-and-answer session. Presentation materials and the earnings release will be available through AIR Global’s investor relations website before the webcast, with a replay posted afterward.

  • Pyxus Maintains FY2027 Outlook Despite Lower Q1 Sales

    Pyxus Maintains FY2027 Outlook Despite Lower Q1 Sales

    Pyxus International reported mixed results for the first quarter of fiscal 2027 as lower global leaf tobacco prices and shipment timing weighed on revenue, while improved sourcing and cost management supported margins and cash generation. Sales fell 14% year over year to $437.8 million, driven by lower average prices in South America and Africa and reduced shipment volumes, while operating income declined to $15.7 million from $21.0 million. Despite the weaker top line, the company cut its net loss to $7.3 million from $15.8 million a year earlier, aided by a tax benefit, while adjusted EBITDA slipped modestly to $27.7 million from $29.5 million.

    CEO Pieter Sikkel said the company benefited from an ample-supply, lower-price market by selectively purchasing higher-quality tobacco at lower costs, improving cash generation and strengthening its balance sheet ahead of higher shipment volumes expected later in the year. Pyxus ended the quarter with net debt down $130.9 million year over year to $1.11 billion, no borrowings outstanding under its $150 million asset-backed lending facility, and lower tobacco inventories reflecting reduced green tobacco prices and a slower purchasing pace.

    Looking ahead, Pyxus reaffirmed its fiscal 2027 guidance, maintaining expectations for net sales of $2.3 billion to $2.5 billion and adjusted EBITDA of $210 million to $240 million, signaling confidence that stronger shipment volumes later in the fiscal year will offset the softer first-quarter performance.

  • Universal Ingredients Executive O’Keefe to Retire

    Universal Ingredients Executive O’Keefe to Retire

    Universal Corporation announced that Patrick O’Keefe, vice president of ingredients and senior vice president of Universal Ingredients, plans to retire. The company has begun a search for his successor, with O’Keefe remaining in his role until a replacement is appointed and assisting with the transition.

    Universal president and CEO Preston D. Wigner credited O’Keefe with helping expand Universal Ingredients through acquisitions, strategic investments, and new commercial initiatives during his six-year tenure. O’Keefe said he was confident the business had built a strong foundation for future growth and would support a smooth leadership transition. Universal Ingredients will continue operating under its current leadership team during the search process.

  • BAT Bangladesh Appoints New Managing Director

    BAT Bangladesh Appoints New Managing Director

    British American Tobacco Bangladesh appointed Kakhaber Benidze as managing director, effective May 1, 2026, succeeding Monisha Abraham. A BAT veteran since 2001, Benidze brings more than 25 years of FMCG experience, including senior leadership roles across marketing, supply chain and general management in markets spanning Europe, the Middle East, and the Caucasus. Most recently, he served as general manager of BAT Switzerland and the BAT Austria Cluster.

    BAT Bangladesh said Benidze’s experience in business transformation, portfolio development, and commercial growth positions him to lead the company’s next phase of expansion. Benidze said he aims to build on BAT Bangladesh’s 116-year presence in the country, strengthen business performance, and continue contributing to the national economy.

  • Turning Point’s Modern Oral Boosts Q2 Growth

    Turning Point’s Modern Oral Boosts Q2 Growth

    Turning Point Brands reported second-quarter net sales increased 22.6% to $142.9 million, driven by continued momentum in its modern oral nicotine business. Modern oral gross revenue surged 149% to $87 million, while net sales rose 128% to $68.4 million, accounting for 48% of total company net sales compared with 26% a year earlier. The company said growth in its FRE and ALP nicotine pouch brands supported stronger retail distribution and market penetration, prompting it to raise its full-year modern oral sales guidance.

    Despite the strong top-line performance, net income fell 75.2% to $3.6 million and adjusted EBITDA declined 50% to $15.2 million as the company increased sales and marketing investments to support its expanding nicotine pouch business. Turning Point now expects 2026 modern oral gross sales of $330 million to $350 million, up from its previous forecast of $280 million to $300 million, and modern oral net sales of $260 million to $270 million, reflecting confidence in continued category growth.

  • ASF Launches LOOP in South Africa

    ASF Launches LOOP in South Africa

    Another Snus Factory (ASF), the Swedish nicotine pouch manufacturer acquired by KT&G and Altria in late 2025, launched its flagship LOOP nicotine pouch brand in South Africa through local distributor Venture South (Pty) Ltd. The initial rollout targets the Johannesburg and Cape Town markets with three products — LOOP Jalapeño Lime Hyper Strong, LOOP Red Chili Melon Hyper Strong, and LOOP Habanero Mint Hyper Strong — with plans to expand distribution based on consumer demand.

    ASF said South Africa, the largest nicotine pouch market in Africa, will serve as a strategic base for broader regional expansion. The launch supports KT&G’s strategy to expand its presence in the global nicotine pouch category following its joint acquisition of ASF with Altria, as the company continues to diversify its next-generation product portfolio and international footprint.

  • China Identifies E-Cigarettes as Trade Friction Hotspot

    China Identifies E-Cigarettes as Trade Friction Hotspot

    China’s Global Economic and Trade Friction Index identified the electronics industry — including drones, semiconductors, and e-cigarettes — as one of the sectors facing the highest levels of China-related trade friction in May 2026, according to the China Council for the Promotion of International Trade (CCPIT). Speaking at a July 31 press conference, CCPIT said India’s China-related trade friction index ranked highest among monitored markets, while the United States launched 17 trade remedy investigations during the month, more than three times the total initiated by all other countries combined.

  • BAT Reports H1 Growth, Raises Confidence in 2026 Outlook

    BAT Reports H1 Growth, Raises Confidence in 2026 Outlook

    British American Tobacco reported H1 2026 revenue of £12.24 billion, up 1.4% on a reported basis and 2.9% at constant currency, with growth led by the U.S. and AME (Americas, Middle East, and Africa). New Categories revenue increased 18% at constant currency to £1.93 billion, driven by Modern Oral and a return to double-digit growth in U.S. Vapor. Smokeless products reached 35 million consumers and accounted for 19.8% of group revenue, while New Category contribution rose 54.7% to £257 million.

    U.S. revenue increased 8.5%, including 58.1% growth in New Categories, while AME revenue rose 0.9% and APMEA declined 6.3%. Modern Oral revenue grew 65.9%, extending BAT’s leadership with a 39.2% volume share in its top markets. Combustibles revenue increased 2.1%, helping fund the company’s transformation. Adjusted diluted EPS rose 7.9% on a Canada-adjusted constant-currency basis, while adjusted operating profit increased 3.5%.

    BAT expects full-year adjusted diluted EPS growth toward the middle of its 5%-8% guidance range and plans to roll out Velo Max nationally and selected adult-focused Vuse flavors in the U.S. during H2.