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Tobacco-free Zyn cigars and snus are helping tobacco company Swedish Match to post record numbers in the third quarter. Profit before tax amounted to SEK 1,914 million, which can be compared to SEK 1,526 million for the corresponding period in 2019.
“During the quarter, a number of milestones were exceeded, including record results for our product segments, a new ‘all-time high’ for deliveries of our Zyn nicotine portion product, and the highest volumes of cigar deliveries in the same quarter. “writes CEO Lars Dahlgren in a comment. .
The result thus exceeded analysts’ expectations. As for operating profit, which amounted to just over 2 billion SEK, analysts had forecast an average profit of 1.73 billion SEK.
“It is difficult to identify and separate the impact that Covid-19 related effects have on earnings. However, if we summarize the development of the first nine months, it is clear that the net effect appears to have been largely positive and that a large part of the earnings impact the effect occurred in the third quarter, ”the CEO writes in the report.
Sales amounted to SEK 4.4 billion, compared to SEK 3.829 million a year earlier.
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