Japan Tobacco Inc. (JT) has released its first quarter results for 2024, with a 11.3 per cent increase in revenue to JPY 740.3 billion (USD 4.76 billion) compared to the previous year, according to a company press release.

According to the press release, revenue increased by 11.3 per cent to JPY 740.3 billion (USD 4.76 billion) with core revenue increasing by 5.7 per cent to JPY 676.7 billion (USD 4.35 billion) at constant FX and adjusted operating profit also increasing by 3.4 per cent to JPY 231 billion (USD 1.48 billion) at constant FX. On a reported basis, adjusted operating profit increased by 1.5 per cent to JPY 226.7 billion (USD 1.46 billion) and operating profit increased by 4.6 per cent to JPY 215.8 billion (USD 1.39 billion). Profit increased by 8.7 per cent to JPY 157.3 billion (USD 1.01 billion).
According to the press release, the increase in revenue was driven by an increase in the tobacco business, as well as positive currency movements due to a weaker Japanese yen. The increase in adjusted operating profit increased was driven by an increase in the tobacco and processed food businesses, partially offset by negative currency movements while the increase in operating profit was driven by the increase in adjusted operating profit, as well as reduced amortization of trademark rights and gains on sales of real estate in the adjusted items. Profit increased by 8.7 per cent, mainly driven by the increase in operating profit and lower financing costs.
“The JT Group delivered robust results in the first quarter. GFB volume growth and solid pricing, as well as RRP-related revenue increasing by double-digits in the tobacco business, continued to drive the strong performance of the Group. RRP volume increased by 25.2 per cent year on year, mainly driven by the HTS segment, which is our investment priority. Geo-expansion of Ploom X is on track; we have completed launches in four additional markets, year-to-date. With plans to launch in four more markets by June, we are making good progress to deliver our ambitions set for 2028,” said Masamichi Terabatake, President and CEO of the JT Group.