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ROMANIA

JTIís net profit in Romania rises 13.5 per cent

21 Jul 2020. Japan Tobacco International (JTI) said it posted a RON 543 million (USD 128 million) net profit in 2019, up 13.5 per cent, reports SeeNews

JTI Romania's turnover increased by 12.5 per cent to RON 5.4 billion (USD 1.27 billion) in 2019. Some 78 per cent of the total turnover for 2019 was due to transfers to the state in the form of excise duties, VAT and other taxes. Taxes paid to the state budget rose by 27 per cent annually, the report said.

"2019 was a good year because there were no unexpected changes in the framework regulation, and the excise schedule was met, being adjusted only to respond the express requirements of the European Tobacco Products Directive. Thanks to this predictable and stable legislative and fiscal context, but also to the sustained anti-smuggling actions actions of law enforcement authorities, the average level of the black market last year was below 14 per cent," JTI general manager for Romania, Moldova and Bulgaria Evgeny Nikolsky was quoted as saying.

JTI started operations in Romania in 1993. About 70 per cent of the production of the factory in Bucharest is exported. According to the report, Romania is the third largest European producer of cigarettes. The total value of raw and processed tobacco exports in 2019 was EUR 948.4 million. Thus, tobacco sales have made a positive contribution to Romania's budget of almost EUR 600 million, the company said.