Habanos S.A. Rakes In Record Revenue of $827 Million in 2024

Habanos S.A., the world's leading premium cigar company, announced a record revenue of $827 million for 2024, marking a 16% increase over the previous year.

This growth is largely attributed to rising demand in China and other Asian markets, which now account for nearly a quarter of the company's global sales.

Despite challenges from hurricanes Rafael and Ian affecting tobacco-growing regions in western Cuba, Habanos S.A. maintained its production levels. Vice President José María López assured that the quality and supply of tobacco for their premium cigars remain unaffected, as only a small portion of national tobacco production is dedicated to export cigars, and this high-quality supply is secured.

The company's ownership is split between the Cuban government and a consortium of Asian investors under the Tabacalera group. This partnership has been instrumental in expanding Habanos' presence in international markets, especially in Asia.

In terms of market performance, China led in sales value, followed by Spain, Switzerland, the United Kingdom, and Germany. This reflects a growing global appreciation for Cuban cigars, particularly in regions with emerging affluent classes.

Cuba's cigar industry, alongside rum exports, remains a vital component of the nation's economy, providing essential foreign currency for imports of food, fuel, and medicine. The record-breaking revenue in 2024 underscores the resilience and enduring appeal of Cuban cigars in the global market.