Sales And Profits Rise At Scandinavian Tobacco Group
Macanudo brand owner Scandinavian Tobacco Group reported gains in sales and profits for 2021, with sales increasing by 2.8 percent to 8.2 billion Danish kroner ($1.2 billion), and gross profits rising by 10.8 percent, to 4.1 billion kroner ($602 million). The company reported its 2021 earnings today in its annual report.
“Since the outbreak of the COVID-19 pandemic, demand for handmade cigars in the U.S.— our biggest and most important market—has been extraordinarily strong,” wrote STG president and CEO Niels Frederiksen and Nigel Northridge, STG chairman, in the introduction to the company’s annual report. “At the same time, tobacco consumption across other markets and categories has proven resilient.”
Counting all its business entities, STG employs 10,000 people worldwide, a number that fluctuates from year to year. In 2020, it had as many as 11,000 employees, and back in 2019, it was down to 6,900.
STG is the parent company of General Cigar Co., which makes premium cigar brands such as Macanudo, CAO, La Gloria Cubana, Punch, the non-Cuban Cohiba and a host of other cigars, plus Cigars International, the biggest online cigar retailer in the world. STG says it has 1 million online customers in the United States alone.
