Japan Tobacco Inc. (JT) has released its full-year results for 2023, with a 6.9 per cent increase in revenue to JPY 2,841.1 billion (USD 19.04 billion) compared to the previous year, according to a company press release.

According to the press release, revenue increased by 6.9 per cent to JPY 2,841.1 billion (USD 19.04 billion) with core revenue increasing by 6.1 per cent to JPY 2,712.5 billion (USD 18.18 billion) at constant FX and adjusted operating profit also increasing by 5.2 per cent to JPY 765.7 billion (USD 5.13 billion) at constant FX. On a reported basis, adjusted operating profit was flat at JPY 728 billion (USD 4.88 billion) and operating profit increased by 2.9 per cent to JPY 672.4 billion (USD 4.5 billion). Profit increased by 8.9 per cent to JPY 482.3 billion (USD 3.23 billion).
According to the press release, the revenue forecast is set to increase by 6.2 per cent to JPY 3,016 billion (USD 20.21 billion) while core revenue at constant FX is forecast to increase by 3.9 per cent to JPY 2,836 billion (USD 19 billion). Adjusted operating profit at constant FX is forecast to be flat at JPY 728 billion (USD 4.88 billion) and, on a reported basis, adjusted operating profit is forecast to decrease by 5.5 per cent to JPY 688 billion (USD 4.61 billion).
Masamichi Terabatake, President and CEO of the JT Group said: “ I am pleased to report that the 2023 JT Group performance reached record high levels across all financial indicators, despite the challenges across our operating environment. Adjusted operating profit at constant FX, our main indicator, exceeded our guidance and grew by 5.2 per cent, driven by all business segments.
In the Tobacco business, JT Group’s profit growth engine, performance was driven by solid pricing and continued share gains in combustibles. We steadily expanded the geographic reach of Ploom X, making it available to adult consumers in 13 markets at the end of 2023. In addition, monthly HTS segment share in Japan, the largest HTS market, reached 11.4 per cent in December 2023.
In our Business Plan 2024, covering 2024 to 2026, we will continue to prioritize investments in HTS to fund the expansion of Ploom X, both in terms of share of segment and geographic footprint, in order to make Ploom X available in over 40 markets by the end of 2026. Combustibles will continue to drive profit by growing market share and revenue.”