Benson & Hedges maker Japan Tobacco International increased its profits in Ireland, The Irish Times reports, on the back of reduced costs following the sale of its last manufacturing plant in Ireland.
The Irish arm of the company reported a profit before tax increase of 73% to €34 million, with turnover dropping just under 1% to €702 million.
“We have invested significantly in our reduced risk products in recent years and this is delivering positive results as adult smokers look for alternatives to cigarettes,” a spokesman told The Irish Times.
“We expect that this category will grow further in the years ahead, while there will also be continued demand for tobacco products.”
JTI Ireland owns core brands such as Benson & Hedges, Silk Cut, and Camel, controlling over half of the Irish tobacco market.
Its share of the market fell by 0.7% however, as the greater cigarette market in Ireland fell by 5.6%. Silk Cut and Benson & Hedges have a market share of 22.4% and 15.8% respectively.
It also holds more than a quarter of the Irish market share in the nascent vaping sector, making it the largest single player in Ireland.
© 2018 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click subscribe to sign up for the Checkout print edition.