Oettinger Davidoff AG reported CHF 541.7 million ($662.8 million) in global revenue for 2024—an increase of 0.9% over the previous year, despite a significant decrease in production volume. In total, the company produced 38.5 million cigars across its Dominican Republic and Nicaraguan facilities, down 21% from 2023’s 48.8 million cigars. The company said the reduction was intentional, due to pre-emptive production ahead of the European Union’s new track and trace requirements that took effect in May 2024.
“The year 2024 was another strong year in the 150-year history of our family-owned company,” said Beat Hauenstein, CEO of Oettinger Davidoff AG, in a press release. “The solid 2024 results prove that our investments in our brands, retail and shopping experiences have paid off and that we are well set up to successfully continue writing the next chapter of our longstanding history.”
Despite lower production, Davidoff said it is expanding capacity at its Diadema Cigars de Honduras S.A. factory in Danlí, Honduras, following the completion of an expansion in the Dominican Republic last year. Among individual brand performances, Zino grew 28.1%, while the flagship Davidoff brand rose 15%. The company did not disclose results for AVO, Camacho, or other brands.