Category: Financial

Smoore Reports Half-Year Results

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Smoore International Holdings reported revenue of RMB5.04 billion ($705.4 million) for the six months that ended June 30, down 1.7 percent from the comparable 2023 period. Gross profit rose 3.2 percent to RMB1.91 billion while pretax profit was up by 1.9 percent to RMB811.56 million.
The group’s branded business grew by 71.9 percent to RMB1.12 billion in the first half of 2024, boosted by the company’s digital marketing operations, which enabled the company to respond rapidly to consumer preferences. The group’s Vaporesso brand continued to increase its market share in the open system product segment and has become the leading brand in this category.
Smoore’s corporate client sales, meanwhile, declined by 12.3 percent to RMB3.92 billion in the first six months of 2024, reflecting different sales performances in different markets around the world.
In the U.S., Smoore faced competition from noncompliant vaping products. However, the company said it was encouraged by clarifications of the regulatory framework and the strengthening of enforcement in that market, pointing to creation of a federal multi-agency task force to combat the illicit market, among other developments.
Increasing regulation of the vaping market in Europe, meanwhile, has impacted demand for traditional disposable products, causing the group’s revenue from single-use vapes to decline by approximately 18.9 percent year-on-year to approximately RMB1.22 billion.
Smoore said it has successfully launched a number of new closed system products in the international market in the first half of the year, and it is confident that this will translate into stronger orders in the second half of the year.
In China, where the group’s corporate client-oriented business centers on closed system electronic vaping products, Smoore reported sales revenue of RMB87.78 million, representing an increase of approximately 41.4 percent as compared to the same period last year.
August 20, 2024
RLX Revenue Jumps 66 Percent

Photo: RLX Technology
RLX Technology reported net revenues of RMB627.2 million ($86.3 million) in the second quarter of 2024, up 66 percent from the comparable 2023 quarter. U.S. GAAP net income was RMB134.9 million, down from RMB204.7 million in the same period of 2023. Non-GAAP soared to RMB213.1 million from RMB86.2 million. Gross profit was RMB157.9 million compared with RMB98.5 million in the comparable 2023 period.
“We delivered a strong second-quarter performance as revenue continued to increase sequentially, driven by our international business expansion,” said RLX chairperson and CEO Ying (Kate) Wang in a statement.
“Our deep exploration of overseas markets and regulations has provided us with valuable insights into the global e-vapor landscape, enabling us to create effective, targeted regional strategies. This year, global regulations are rapidly evolving, with more regulators recognizing e-vapor products as harm reduction tools for adult smokers. Leveraging our broad expertise in regulatory compliance, we are well prepared to navigate these changes and ensure a seamless transition for our users and partners.”
Chief Financial Officer Chao Lu said the considerable year-on-year increase in net revenues reflected the company’s ability to capture growth opportunities in international markets. “While our gross margin declined slightly due to an unfavorable shift in our revenue mix, disciplined cost management bolstered our non-GAAP operating profit margins,” he said.
“Looking ahead, we are confident of driving continued improvement in both our top and bottom lines, fueled by ongoing revenue growth from international markets and our relentless focus on operational efficiency. As always, our priority is to deliver sustainable and profitable returns to our shareholders.”
August 19, 2024
Sales Up at Haypp Group

Photo: Haypp Group
The Haypp Group, the world’s largest online retailer of nicotine pouches, reported net sales of SEK942.8 million ($89.66 million) for the second quarter of 2024, up 23 percent over the comparable 2023 period.
Gross profit increased to SEK135.2 million, corresponding to a gross margin of 14.3 percent. Adjusted earnings before interest and taxes rose to SEK34.4 million, mainly due to the higher gross margin, increased volume as well as efficiency gains, partially offset by continued investments into additional capabilities.
The company’s nicotine pouch volume grew by 43 percent over the second quarter of 2023.
“Haypp group continued to show a very strong performance in the second quarter with YoY Nicotine Pouch volume growth of 43 percent,” said Haypp Group CEO Gavin O’Dowd in a statement.
“This is accelerating from prior quarters as the category continues to thrive in our growth markets due to the increasing appetite for risk reduced products. While the category experienced some turbulence in the USA during the quarter, we were well positioned and our volume grew around 70 percent. The investments in our business operations have continued to deliver value with an increase of 68 percent in our adjusted EBIT. This robust growth, over many years shows how robust our business is, irrespective of the economic environment.”
The Haypp Group’s interim report is available here.
August 9, 2024
Strong Start for Universal in Fiscal 2025

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Universal Corp. reported net revenue of $597.1 million for the first quarter of its fiscal year 2025, up by approximately 15 percent for both its tobacco and ingredients operations segments. Operating income was $17.2 million, up 56 percent compared to the same quarter last fiscal year.
The revenue increase in the tobacco operations segment was driven by higher sales volumes and prices. “Coming out of an exceptional fiscal year 2024, we benefited from continued strong demand from our tobacco customers,” said Universal chairman, President and CEO George C. Freeman III in a statement.
“We believe this demand will continue to support solid results for the segment for fiscal year 2025. Our strategic decisions to accelerate tobacco crop purchasing allowed us to secure our contracted tobacco in certain dynamic markets, which has positioned us well to meet customer demand. As in previous fiscal years, we expect that tobacco shipment timing and related revenue recognition will be more heavily weighted toward the second half of our fiscal year 2025.
“Our uncommitted tobacco inventory levels at June 30, 2024, remained low at about 13 percent, and we believe that global leaf tobacco remains in an undersupply position. Looking ahead, we expect that recent elevated green tobacco prices will incentivize farmers to increase planting for the next season, potentially leading to more balanced markets in the coming years.”
August 8, 2024
KT&G Reports Growth in Second Quarter

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KT&G Corp. reported consolidated revenue of KRW1.42 trillion ($1.03 billion) and operating profit of KRW321.5 billion for its second quarter of 2024, marking a year-over-year growth rate of 6.6 percent and 30.6 percent, respectively.
The company attributed the growth to robust performance in its overseas cigarette business, which achieved growth in all key metrics, including revenue, operating profit and sales volume. Revenue reached an all-time high of KRW359.1 billion, reflecting a growth rate of 35.3 percent. Operating profit soared 139.1 percent year-over-year.
KT&G’s domestic next-generation product business also grew in in all three key metrics: revenue increased by 10.8 percent, operating profit by 42.8 percent and sales volume by 7.7 percent year-over-year. The overseas business continued to improve its profitability, driven by an increased proportion of stick sales volume, which is the key growth driver of the business.
During an earnings call, KT&G said it intends to accelerate progress toward its goal of becoming “a global top-tier company” by strengthening fundamental competitiveness and structural reforms. To that end, the company in July announced an agreement with Philip Morris International under which the partners will collaborate on premarket tobacco product application submissions for KT&G’s new next-generation products in the United States.
KT&G also updated its full-year outlook during the earnings conference call. The company projects the annual consolidated revenue to grow between 2.5 percent and 3 percent, with operating profit expected to remain flat, reflecting changes in the business environment in the company’s health functional food and real estate sectors.
“We achieved growth in both revenue and operating profit in the second quarter by expanding our overseas business, which delivered solid performance in our core growth areas. We will continue to maximize corporate value by strengthening the competitiveness of our core growth businesses and enhance shareholder value through our best-in-class shareholder return policy,” KT&G wrote in a press release.
August 8, 2024
Profitability and Revenue up at Pyxus

Photo: Pyxus International
Pyxus International reported sales of $634.9 million for the first quarter of 2025, up 33.1 percent from the comparable 2024 quarter. Operating income grew to $40.5 million, and net income was $4.6 million.
Pieter Sikkel
“We are pleased with our strong first-quarter results, which are underscored by gains in revenue and profitability, as well as the significant growth of shipments for the period,” said Pyxus President and CEO Pieter Sikkel in a statement.
“Earlier leaf purchasing compared to the prior year remained a theme in the first quarter, particularly in South America and Africa. This trend was driven by a highly competitive market environment, which was influenced by reduced crop sizes due to El Nino and sustained, strong demand.
“Our crop purchases in South America were completed early in the quarter, and we are nearing completion of our buying activities across Africa. We are pleased with our teams’ ability to navigate the competitive market to successfully secure leaf volumes on an expedited crop purchasing schedule.
“As mentioned last quarter, we do expect some margin pressure in coming quarters, particularly related to shipments out of South America. This is mainly due to impacts on this crop from El Nino on volume and margin, as well as shipping container shortages, primarily from Asia.”
For fiscal year 2025, Pyxus continues to expect sales in the range of $2.1 billion to $2.3 billion and adjusted EBITDA in the range of $165 million to $185 million.
August 7, 2024
Revenue and Income up at Vector

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Vector Group reported consolidated revenues of $371.9 million for the second-quarter of 2024 financial results, up 1.7 percent compared to the prior-year period.
Tobacco segment wholesale market share increased to 5.7 percent from 5.4 percent in the prior-year period, and retail market share remained at 5.8 percent, unchanged from the prior-year period.
Montego wholesale and retail market share both increased to 4.1 percent from 3.4 percent and 3.5 percent, respectively, in the prior-year period.
Operating income was $97.8 million, up 36.5 percent, or $26.1 million, compared to the prior-year period.
Tobacco segment operating income was $102.9 million, up 37 percent, or $27.8 million, compared to the prior-year period.
Adjusted EBITDA was $103.3 million, up 9.7 percent, or $9.2 million, compared to the prior-year period.
Tobacco adjusted EBITDA was $104.4 million, up 10.2 percent, or $9.7 million, compared to the prior-year period.
“Vector Group delivered strong performance in the second quarter, bolstered by the impressive growth of our Montego brand,” said Vector Group President and CEO Howard M. Lorber in a statement.
“Montego’s continued expansion as the largest discount brand in the U.S. highlights the effectiveness of our strategic approach, expert market analysis and proven execution. We are confident in our ability to sustain our momentum in the second half of the year and to drive long-term value for our stockholders.”
August 6, 2024
Cigarette Business Boosts ITC Performance

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Higher cigarettes sales boosted ITC’s overall revenue from operations 7.2 percent to INR182.20 billion ($2.17 billion).
Net cigarette segment revenue grew 7 percent and segment profit before interest and tax was up 6.5 percent year on year.
In a statement, ITC said it fortified its product portfolio through “innovation and democratizing premiumization across segments backed by superior on-ground execution.”
The company reported strong performance in its differentiated variants and premium segment and sequential improvement in its value segment.
It said it mitigated the sharp escalation in costs of leaf tobacco and certain other inputs through improved mix, strategic cost management and calibrated pricing.
The company attributed the strong performance of its cigarette business in part to the India’s stable tax environment.
“ s seen in the past, stability in taxes on cigarettes, backed by deterrent actions by enforcement agencies, enables volume recovery for the legal cigarette industry from illicit trade leading to higher demand for Indian tobaccos and bolstering revenue to the exchequer from the tobacco sector,” the company wrote.
August 5, 2024
JT Group Profit Up

Masamichi Terabatake
The JT Group reported revenue of ¥1.6 trillion ($10.63 billion) for the second quarter of 2024, up 12.7 percent over the comparable 2023 period. Profit increased by 6.3 percent to ¥305.2 billion.
“The JT Group posted another strong set of results for the first half, driven by continued market share gains and solid pricing in the tobacco business,” said President and CEO Masamichi Terabatake in a statement.
“Total volume increased by 2 percent year-on-year, with combustibles growing 1.7 percent and RRP [reduced risk products] up by a strong 25.5 percent. RRP volume was mainly driven by Ploom in the HTS segment, our investment priority, resulting in RRP-related revenue increasing by approximately 29 percent year-on-year.
“In the Japanese market, Ploom volume increased approximately 36 percent year-on-year, growing at a faster pace than total HTS demand in the market. Additionally, the geo-expansion of Ploom has now reached 21 markets, with sales volumes in markets outside Japan also steadily increasing.
“For the full-year performance forecast, we have revised our adjusted operating profit at constant FX [foreign exchange rates] upward, reflecting the positive momentum in the first half. On a reported basis, we have also revised our forecast upward, considering the continued impact of the current positive foreign exchange trend.”
August 2, 2024
Turning Point Announces Results

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Turning Point Brands (TPB) announced financial results for the second quarter ended June 30, 2024.
Total consolidated net sales increased 2.8 percent to $108.5 million compared to the previous year period. Zig-Zag product net sales increased 8 percent. Stoker’s product net sales increased 18.5 percent. Creative Distribution Solutions (CDS) net sales decreased 33 percent. Gross profit increased 2.6 percent to $53.8 million. Net income increased 31 percent to $13 million. Adjusted net income increased 12.2 percent to $17.2 million. Adjusted EBITDA increased 6.9 percent to $27 million.
“We were pleased by our second-quarter results,” said President and CEO Graham Purdy in a statement. “We achieved our highest quarterly EBITDA since the second quarter of 2021. We believe Zig-Zag is on a sustainable growth trajectory, and Stoker’s MST continues to grow market share. In addition, sales of FRE, our modern oral nicotine pouch, grew 76 percent sequentially as we continue to expand our national footprint.”
The company is increasing its previous full-year 2024 adjusted EBITDA guidance from $95 to $100 million to $98 to $102 million, which excludes CDS.
For the second quarter, CDS net sales were $15.3 million, gross profit was $3.4 million and gross margin was 22.5 percent.
August 1, 2024