A sharp drop in sales revenue for the giant Swedish Match – E24

A sharp drop in sales revenue for the giant Swedish Match – E24

Swedish snuff giant Match sold snuff, matches and lighters for approximately NOK 1.5 billion in 2022.

Swedish Match is behind snuff brands like Gen.

The company’s annual results showed that the snuff manufacturer made a pre-tax profit of NOK 91.6 million in 2022, which was down from NOK 112.5 million.

Swedish Match is the market leader in snus in Norway and Sweden, with just under half of the market.

Sales revenue last year was around NOK 1.5 billion, down from NOK 1.9 billion in 2021. This corresponds to a decrease of 20.4 percent.

An increasingly smaller proportion of the Norwegian population smoked, while there was a steady proportion of those who craved it, according to the figures Norway Statistics introduced earlier this year.

“Our numbers confirm the market trend that snus is about to completely replace cigarettes in the Norwegian market, and with a vision of a cigarette-free world, nothing pleases me more,” Ger Hamer, CEO of Swedish Match Norway tells E24.

Swedish Match Norway CEO Hammer isn’t happy with the numbers for 2022.

He explains that they are fully satisfied with the accounting figures, and confirms that 2022 is the first normal year after the pandemic.

Normalization is also the reason why 2022 numbers are somewhat lower than in the previous year, says Hammer.

Towards the end of 2022, tobacco giant Philip Morris International acquired Swedish Match for just under $16 billion.

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Philip Morris is the largest tobacco company in the world with a market capitalization of about $140 billion, which is equivalent to 1.550 billion crowns.

Dalila Awolowo

Dalila Awolowo

"Explorer. Unapologetic entrepreneur. Alcohol fanatic. Certified writer. Wannabe tv evangelist. Twitter fanatic. Student. Web scholar. Travel buff."

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