Habanos S.A. Generated $545 Million in Revenue in 2022

Habanos S.A., the Cuban cigar monopoly, says it generated $545 million in revenue in 2022, which it claims was a 2 percent growth compared to 2021.

That said, the company announced it generated $568 million in revenue for 2021, meaning this would be a 4 percent decrease for 2022. It’s likely the company would explain the difference in currency adjustments.

As far as markets, Habanos S.A. says its largest markets are Spain, France, Germany China and Switzerland. These are the same five top countries as 2021, though China was listed second and France was listed in fourth.

Market-wise, Europe continues to be the area, though its percentage was the only one that decreased:

• Europe — 53.7 percent (59 percent in 2021)
• Asia Pacific — 19.3 percent (16 percent)
• Americas — 15.3 percent (14 percent)
• Africa and the Middle East — 11.7 percent (11 percent)

“These results reflect the perfect combination of the passion we all feel in this wonderful Habano business and the strength of our brands,” said Maritza Carrillo González and Luis Sánchez-Harguindey Pardo de Vera, co-presidents of Habanos, S.A., in a press release. “They put the cherry on top of the unique tobacco that grows in this land and that offers unparalleled moments and experiences to aficionados from all over the world.”

Habanos says it grew it “worldwide network of official sales outlets” by 10 percent in 2022. It announced the number of stores as follows:

• 17 Cohiba Atmosphere locations (20 in 2021)
• 157 La Casa del Habano stores (160)
• 1,264 Habanos Specialists (1,217)
• 2,744 Habanos Point designated stores (2,465)
• 587 Habanos Lounge and Habanos Terrace locations (486)

Last year, Habanos S.A. announced a new “global pricing standard,” which massively increased prices of Cuban cigars around the world, oftentimes doubling or tripling the costs of Cohiba and Trinidad cigars. It has already announced another price increase for 2023. These price increases came after two years of notable supply issues, which at one point, were affecting the vast majority of the portfolio of Cuban cigars. The company has told its distributors that it is working to alleviate these issues but said the process could take several years. That was before Hurricane Ian ravaged Pinar del Río, the country’s prized growing region.

Habanos S.A. does not announce the number of cigars it makes as part of these announcements.

This story is part of halfwheel’s coverage of the Festival del Habano XXIII, the 2023 edition of Cuba’s annual cigar festival. For more coverage of the festival, click here.