Continental Tobacco Closed 2024 with Increased Turnover

Sátoraljaújhely-based Continental Tobacco Plc., an independent, Hungarian family-owned private company that combines several European tobacco companies, closed last year with a significant increase in turnover and staff numbers, the company told MTI on Tuesday.

According to the statement, the tobacco company's headcount increased by 15% in one year, so that including the employees of the expanding (tobacco buffering) companies operating on its premises, the number of employees reached 750 by the end of December. This makes the company the largest employer in the region.

Last year, the company's gross turnover from domestic and export sales was HUF 84.5 billion, an increase of 9.5 percent compared to 2023. Although final figures are not yet available, the company said that pre-tax profit is expected to exceed the previous year's level.

The company has gained market leadership positions in Hungary, Spain and Greece with its filter cigarillo products, and its export performance has also increased. Cigarette exports rose by 80% and cigarillo exports by around 5%, it said.

Continental spent HUF 3.5 billion on investments last year, according to the press release. Improvements in 2024 include a HUF 1.2 billion energy efficiency program involving the modernization of production buildings and the installation of solar panels, as well as a 1,200-sqm warehouse building in the Pataki Road industrial park. The company plans to make further investments this year, including the construction of a new 3,600-sqm warehouse for finished goods, which is expected to be completed by the end of the year. In Hungary, Continental Tobacco Group operates a system that covers the entire tobacco growing and processing process. According to the statement, their aim is to continue to contribute to the preservation of the Hungarian tobacco growing tradition despite the decline in the market.