Methodology
Publicly traded companies outside China. Fully or predominantly tobacco/nicotine business. Tobacco/nicotine distributors & retailers are excluded. Publicly traded affiliates of PMI and BAT (i.e. majority stake ownership) are excluded*. Publicly traded companies, in which PMI and BAT hold a minority stake, are included**. Ranked by last reported fiscal year revenue (FY22: ended 31 Dec 2022, unless specified otherwise). Adjusted revenue, net of excise taxes (in US$ Bn).
Notes:
(1) Tobacco segment revenue only, for Japan Tobacco, ITC and KT&G
(2) Excluding distribution revenue (Logista) for Imperial Brands
(3) FY22: ended 30 June 2022 for Eastern Company and Inspire Technology
(4) FY22: ended 30 Sept 2022 for Imperial Brands
(5) FY22: ended 31 Oct 2022 for Kaival Brands
(6) FY23: ended 31 March 2023 for ITC, Universal, Godfrey Phillips and VST Industries
(7) Both Smoore and RLX are based in China. However, they are HKG- and NYSE-listed, respectively
* BAT affiliates (Bentoel Group, Ceylon Tobacco Company, West Indian Tobacco, Pakistan Tobacco Company, BAT Kenya, BAT Malaysia, BAT Bangladesh) and PMI affiliates (Sampoerna, Philip Morris CR – Czechia) are not included in the ranking
** Minority ownership: BAT owns 29.2% stake in ITC and 32.2% stake in VST Industries. PMI owns 25.1% stake in Godfrey Phillips
