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‘ESSE’ Maker KT&G Expands Presence in Europe with Romania Entry, Achieving Record-Breaking Overseas Sales in Q3

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  • Achieved record-high quarterly revenue from the 3 core businesses and the tobacco business, including overseas cigarettes 

SEOUL, South Korea, Nov. 8, 2024 /PRNewswire/ — ‘ESSE’ Maker KT&G Corporation (“KT&G” or the “Company”) (KRX:033780), posted strong Q3 results, with the largest quarterly overseas cigarette sales in its history. KT&G began its full-scale expansion into Europe in April with the launch of its representative Superslim cigarette brand, ESSE, in Romania, followed by expansions into Portugal, Andorra, and Spain.

KT&G’s consolidated revenue for the third quarter was KRW 1.636 trillion, and operating profit KRW 415.7 billion, up 2.2% year-on-year.

In the third quarter, the growth of the main business centered on the tobacco sector continued. In particular, the growth of the overseas cigarette business stood out. In the third quarter, revenue of the overseas cigarette business reached KRW 419.7 billion, up 30.5% year-over-year, setting a new record in revenue for two consecutive quarters, while sales volume and operating profit also increased by 10.1% and 167.2%, respectively, achieving “growth trifecta” in sales volume, revenue, and operating profit.

KT&G’s global business growth is expected to continue for the foreseeable future as the company works to strengthen its global focus and competitiveness.

KT&G is focusing on strengthening the global competitiveness of its three core businesses, consisting of NGP(Next Generation Products), health functional food, and overseas cigarette business, to leap to the ‘Global Top-tier’. To this end, KT&G is currently focusing on expanding its global business with subsidiaries or offices in 10 countries and regions around the world, including Romania, Indonesia, Taiwan, and Kazakhstan. As of the end of 2023, KT&G sold about 717 brands with 5,184 employees in 143 countries around the world, strengthening its status as a global company.

KT&G is South Korea’s leading company holding the No. 1 position in each of its NGP, Health Functional Foods, and Combustible Cigarettes (CC) businesses. KT&G is not resting on its laurels, and is preparing for new growth by establishing its status as a “Global Top-tier” company in accordance with the “2027 KT&G Vision,” which was newly established in 2023.

To achieve its new vision, KT&G is building a localized value chain centered on CICs(Company in Company) in each overseas region, expanding direct management from production to marketing and sales. The fruits of KT&G’s global business expansion efforts are already visible in its rising global performance, and the company plans to make further efforts to expand its business in the European market, including Romania.

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Tetragon Financial Group Limited Dividend Information in Respect of Q3 2024

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LONDON, Nov. 8, 2024 /PRNewswire/ — On 29 October 2024, the Board of Directors of Tetragon declared a dividend of U.S.$ 0.11 (11.00 cents) per share in respect of the third quarter of 2024. The ex-dividend date is 1 November 2024. The record date is 4 November 2024. Payment of the dividend will take place from 27 November 2024.

Tetragon’s website (www.tetragoninv.com) includes information on Tetragon’s Optional Stock Dividend Plan for those shareholders electing to receive dividends in the form of Tetragon shares. Shareholders may elect to receive dividends in the form of Tetragon shares by making a dividend share election up to 14 November 2024. If no election is made, the dividend will be paid in cash from 27 November 2024.

Cash dividends may be received in Sterling by those shareholders making a dividend currency election up to 14 November 2024. If no election is made, the dividend will be paid in U.S. dollars from 27 November 2024.

The reference price for shares delivered in lieu of cash is U.S. $12.65, resulting in a conversion ratio of one newly issued share for every 115.00 dividend rights held. The reference price is based on the volume‑weighted average of the trading prices of a non-voting share on Euronext Amsterdam N.V. for the five-day trading period (treated as a single period) from 1 November to 7 November 2024.

For further information on the Optional Stock Dividend Plan, please refer to the brochure on Tetragon’s website.

About Tetragon:

Tetragon is a Guernsey closed-ended investment company. Its non-voting shares are listed on Euronext in Amsterdam, a regulated market of Euronext Amsterdam N.V., and also traded on the Specialist Fund Segment of the Main Market of the London Stock Exchange. Our investment manager is Tetragon Financial Management LP.  Find out more at www.tetragoninv.com.

Tetragon’s non-voting shares are subject to restrictions on ownership by U.S. persons and are not intended for European retail investors.

Please see: https://www.tetragoninv.com/shareholders/additional-information.

Tetragon Investor Relations:

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Yuko Thomas
[email protected]

Press Inquiries:

Prosek Partners
[email protected]
U.K. +44 20 3890 9193
U.S. +1 212 279 3115

This release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation (2014/596/EU), or EU MAR, and of the UK version of EU MAR as it forms part of UK law by virtue of the European Union (Withdrawal) Act (as amended).

This release does not contain or constitute an offer to sell or a solicitation of an offer to purchase securities in the United States or any other jurisdiction. The securities of Tetragon have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States or to U.S. persons unless they are registered under applicable law or exempt from registration. Tetragon does not intend to register any portion of its securities in the United States or to conduct a public offer of securities in the United States. In addition, Tetragon has not been and will not be registered under the U.S. Investment Company Act of 1940, as amended, and investors will not be entitled to the benefits of such Act. Tetragon is registered in the public register of the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten) under Section 1:107 of the Dutch Financial Markets Supervision Act as an alternative investment fund from a designated state.    

 

View original content:https://www.prnewswire.co.uk/news-releases/tetragon-financial-group-limited-dividend-information-in-respect-of-q3-2024-302299882.html

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Shandong University Hosts First Global Alumni Celebrations

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JINAN, China, Nov. 8, 2024 /PRNewswire/ — Recently, Shandong University hosted its inaugural global alumni celebrations at the university’s central campus in celebration of its 123rd anniversary.

Over 5,000 alumni from various industries and regions across the globe gathered to mark this significant occasion.

Chinese scientist Xue Qikun, an alumnus of Shandong University and academician of Chinese Academy of Science, shared his fond memories of studying at the university, highlighting its legacy of educational excellence and dedication to national service through research. He emphasized that his achievements in scientific research and talent development are strongly connected to the education and inspiration he received at Shandong University.

“Alumni are the most valuable asset of Shandong University and a trusted source of support. The university’s success is closely linked to the success of its alumni,” stated Ren Youqun, Party secretary of Shandong University. He concluded that the university would leverage the global alumni conference to uphold its mission of nurturing talent for the nation, drive innovation, and collaborate with alumni to promote the university’s spirit, share its story, and contribute to social development.

Shandong University President Li Shucai stated that the alumni of Shandong University are at the forefront of global scientific advancements, making significant contributions to the high-quality development of the national and regional economy and society. The university will create a comprehensive cooperation platform for alumni and strengthen alumni cultural development, continuously supporting them in enhancing high-level scientific independence and contributing to the quality development of the regional economy and society.

The alumni associations of six industries, namely the Social Work, Media, Advanced Manufacturing Technology and Equipment, Smart Energy, Integrated Circuit, Transportation, were officially inaugurated. The associations will serve as vital links to connect alumni and bridges to convey the care of Shandong University, gathering alumni resources in the same industry.

Shandong University has launched a lifelong learning platform for its alumni. This platform will facilitate the sharing of academic resources and focus on science, technology, and social and economic development, leveraging the university’s high-quality disciplines and research strength.

View original content:https://www.prnewswire.co.uk/news-releases/shandong-university-hosts-first-global-alumni-celebrations-302299866.html

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NFP Acquires HC Financial, a Wealth and Corporate Benefits Advisory Business

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Acquisition consolidates NFP’s financial planning and employee benefits capabilities, while expanding NFP’s presence into western Ireland

DUBLIN, Nov. 8, 2024 /PRNewswire/ — NFP, an Aon company and a leading international insurance brokerage and consulting firm, today announced its acquisition of HC Financial, a financial planning and corporate employee benefits advisory business based in Galway, Ireland. The HC Financial team will join NFP, with Founder and Director, Gerry Cuddy, moving into a consultant role reporting to Colm Power, managing director, Benefits and Wealth.

“Gerry and his team have built a fantastic, highly regarded advisory business with an extremely loyal client base, and we’re excited they will be part of our future growth,” said Power. “This significant acquisition will help us meet the growing demand for benefits and wealth planning expertise and expand NFP’s physical footprint outside the Dublin market.”

Since 1988, HC Financial has provided clients in western Ireland with investment, pension and savings propositions and established itself as one of the largest advisory firms in Ireland. They’ve built an outstanding reputation with their dedication to clients and continuing investment in employees and technology.

“We’re excited to join NFP, a company that shares our core values of honesty, integrity, transparency and expertise,” said Cuddy. “Today is a great day for our customers and employees and the future of NFP in Ireland as we expand the solutions and expertise available to our clients.”

About NFP

NFP, an Aon company, is an organisation of consultative advisors and problem solvers helping companies and individuals address their most significant risk, workforce, wealth management and retirement challenges. We are more than 7,700 colleagues in the UK, Ireland, US, Puerto Rico and Canada serving a diversity of clients, industries and communities. Our global capabilities, specialised expertise and customised solutions span commercial business insurance, employee benefits, people consultancy, health and safety, and individual financial planning. Together, we put people first, prioritise partnerships and continuously advance a culture we’re proud of. Visit NFP.co.uk to learn more.

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