Corporación Habanos S.A. has announced that it generated $507 million in revenue in 2020, a 4.52 percent reduction compared to 2019.
It’s the fourth consecutive year that reported revenue has been more than $500 million, though it’s also the second year in a row where the revenue has declined. The company said that the revenue decrease was “mainly due” to a drop in tourism, citing both the duty-free and travel markets as well as local sales in Cuba, a market that was closed for most of 2020 due to the coronavirus COVID-19 pandemic.
“2020 has been a year of challenges, not only for our business, but for all mankind, a year in which the capacity for adaptation, resistance and proactivity has made the difference,” said Leopoldo Cintra González, commercial vice-president, and José María López Inchaurbe, vp of development,” in a press release. “And at Habanos, S.A. we have done just that, we have adapted to the circumstances and global context, and above all we have been, together with our exclusive Distributors, proactive in activating all the necessary mechanisms to achieve our goals.”
The company also said that for the first time ever, China is now the largest market for Cuban cigars by sales volume. The top five are:
It elaborated by breaking down the sales figures by region:
- Europe (60 percent)
- Asia Pacific (16.2 percent)
- Americas (13.6 percent)
- Africa & Middle East (10.4 percent)