Japan Tobacco Inc. (JT) has released its third quarter results for 2023, with a 7.4 per cent increase in revenue to JPY 2,157 billion (USD 14.44 billion) compared to the previous year, according to a company press release.

According to the press release, revenue increased by 7.4 per cent to JPY 2,157 billion (USD 14.44 billion) with core revenue increasing by 5.9 per cent to JPY 2,049.2 billion (USD 13.71 billion) at constant FX and adjusted operating profit also increasing by 5.9 per cent to JPY 675.5 billion (USD 4.5 billion), at constant FX. On a reported basis, adjusted operating profit increased by 4.2 per cent to JPY 664.4 billion (USD 4.45 billion) and operating profit increased by 9.1 per cent to JPY 631.8 billion (USD 4.23 billion). Profit increased by 9.5 per cent to JPY 442 billion (USD 2.96 billion).
According to the press release, the revenue forecast is revised upward by JPY 85 billion (USD 568.88 million) while core revenue at constant FX is revised upward by JPY 63 billion (USD 421.63 million). Adjusted operating profit at constant FX is revised upward by JPY 34 billion (USD 227.55 million) and, on a reported basis, adjusted operating profit is revised upward by JPY 38 billion (USD 254.32 million).
Masamichi Terabatake, President and CEO of the JT Group said: “The JT Group posted another set of strong results for the third quarter. In particular, the tobacco business reported solid growth across its indicators, driven by continued market share gains and robust pricing. As announced in February, we are accelerating investments in HTS to establish the foundation of our future growth, and these investments are progressing as planned. The market share of Ploom X in the HTS segment in Japan is steadily increasing with share exceeding 10% in the periods of July to September 2023, despite a competitive business environment. In addition, since July 2023, we have launched Ploom X in Switzerland, Poland, Hungary, Romania, and Greece and plan to roll it out in Kazakhstan in early November. We expect to continue the geographical expansion of Ploom X, to reach 28 markets by year end 2024.
We have revised upward the full year forecast for adjusted operating profit at constant FX to account for the stronger year-to-date top-line growth of the tobacco business. Similarly, on a reported basis, in anticipation of the continuous depreciation trend of the yen, we have revised upward our forecast, including adjusted operating profit. In line with our dividend policy, dividend per share guidance for the full year remains unchanged at JPY 188 per share.
The JT Group will continue to take appropriate management decisions in accordance with the 4S model, our management principle, and work as one team to achieve our revised full-year forecasts. We will also make continuous efforts to bring to life our JT Group Purpose and the purposes of each business.”