British tobacco company Imperial Brands lost $475 million in profit due to the stoppage of work in Russia. After the start of a special operation in Ukraine, the company left Russia and sold the business to local investors.
The decline in Imperial Brands’ operating profit is reported in the company’s financial report for its fiscal 2022 year, which ended on September 30.
British tobacco products maker Imperial Brands’ operating profit fell 15% year-on-year to $3.21 billion. In the report, the company said it lost $549.6 million in profit, $474.8 million of which was due to the departure of Russia and related markets. said the Financial Times.
Imperial Brands owned a factory in Russia in Volgograd, where it produced tobacco products of the Maxim, Parker & Simpson, West, Davidoff, Jade brands. According to experts, in 2021 Imperial Brands products accounted for 5.5% of the Russian market.
In March 2022, Imperial Brands halted production at the Volgograd plant and suspended operations in Russia. Shortly thereafter, the company sold the business to local investors.
Companies that left Russia after the start of the special operation in Ukraine lost a total of 240 billion dollars, the Center for Strategic Research calculated. McDonald’s, for example, lost 28% of its profits, the aluminum can maker Ball – 435 million dollars, Toyota – 655 million dollars, Adidas lost about 100 million euros in revenue.
Author:
Kirill Bilyk
Source: RB
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