Habanos S.A. recorded a revenue of $545 million in 2022, a 2% increase compared to the previous year, according to an announcement made on Monday in Havana by the mixed corporation during the inauguration of the 23rd Habano Festival. The lucrative event runs until Saturday, March 4 after a two-year absence due to the pandemic.
During a press conference at the Convention Palace, the official portal Cubadebate compiled the financial results of Habanos S.A. and assessed the company’s management in 2022.
Top Markets for Cuban Cigars
Last year, the top five markets for Habanos were Spain, France, Germany, China, and Switzerland. This situation remains unchanged today.
Habanos S.A. currently has 4,769 specialized outlets, including 157 Casas del Habano, 17 Cohiba Atmosphere, 587 Habanos Terrace, 2,744 Habanos Point, and 1,264 Habanos Specialist. This represents a 10% increase over last year.
As usual, the festival organizers scheduled visits to tobacco plantations in Pinar del Rio, a province still trying to recover from the devastating effects of Hurricane Ian, which hit the island last year in September. They also scheduled visits to state-owned cigar factories in Havana.
This year’s Montecristo Open, Bolivar New Gold Medal, and Linea Maestra vitola will be presented, according to official media announcements.
On Monday, February 27, President Miguel Díaz-Canel attended the opening of the 13th edition of the Habano Festival, one of the activities that generates income for the State. He cut the ribbon to officially inaugurate the fair.Western Union Expands Its Money Remittance Services to Cuba and Will Allow Digital Transfers
Rodrigo Malmierca, the Minister of Foreign Trade and Foreign Investment, stated in his opening speech that there are 250 exhibitors from ten nations occupying 600 square meters. These entrepreneurs come from Italy, Hungary, Spain, Panama, Mexico, Costa Rica, Canada, Ecuador, and China.
The minister added that 59 of the 70 stands at the Festival are from Cuban exhibitors, showcasing a diverse offering in the fields of handicrafts, cultural and musical production, fashion, tourism, gastronomy, and everything related to cigars.
Malmierca stated that the event offers opportunities for technical and commercial exchange between companies, and the public will have the opportunity to see the exhibition.
Cuba Prioritizes Tobacco Exports
Habanos S.A., a mixed corporation run by Spanish businessmen and the Cuban government, has generated dividends despite low tobacco yields due to lack of inputs in recent years. This contrasts with the dissatisfaction of tobacco producers over the “unfair prices” they receive from Tabacuba in payment for their crops.
A company’s income can increase due to higher production, higher value added, better sales strategy, and, in Cuba’s case, higher exports.
The data seems to indicate that Cuba has prioritized tobacco exports over the demands of the domestic market (in Cuban pesos) in recent times. This appears to be the support for Habanos S.A.’s recent “positive” economic results.Italian firm Italsav to open a shopping mall in Havana