The annual report describes Swedish Match's operations, strategy and financial development.

Swedish Match posted record sales in 2020 and attributes the operating profit to strong traction from sales of ZYN nicotine pouches in the US. Double-digit operating profit growth in local currencies was achieved for the Smokefree and Cigar product segments. In local currencies, sales increased by 17 per cent. Reported sales increased by 13 per cent to SEK 16.7 billion (USD 1.96 billion) despite significant strengthening of the Swedish krona during the year versus the US dollar, the Norwegian krona, and the Brazilian real. In local currencies, operating profit from product segments increased by 28 per cent. Reported operating profit from product segments increased by 23 per cent to SEK 7,16 billion (USD 842 million). Operating profit amounted to SEK 6,99 billion (USD 822 million) and profit after tax amounted to SEK 4,88 billion (USD 574 million).
“With 2019 being a year of transformation and 2020 being a year of adaptability, we enter 2021 as a stronger, yet different, company,” said President and CEO Lars Dahlgren. “The impact of COVID-19 during the year was not limited to our facilities as we experienced notable changes in consumer demand and shopping behaviours. Travel restrictions resulted in somewhat lower shipment volumes and an altered channel/market mix in our Scandinavian Smokefree business, while demand for traditional US smokefree tobacco products, as well as for cigars in the US, is estimated to have been elevated due to the pandemic. While the key driver for our full year record sales and operating profit was the success for ZYN in the US, we estimate that the net COVID-19 related effects also contributed to the improved financial performance during 2020.,” he added.