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