Sales at Cuban cigar maker Habanos rose 2% last year compared with the previous year, the company announced on Monday, as it recovers business following the COVID-19 pandemic and the havoc caused by a major hurricane.
Habanos reported sales of $545 million last year, the company said during the inauguration of a festival in the Cuban capital of Havana.
The cigar company said it has 40% of the global premium tobacco market while controlling up to 80% of sales for hand-rolled cigars. It is also one of the main exporters and a key driver of foreign currency to the communist-run Caribbean island's debilitated economy. Habanos has recently struggled with the impact of the pandemic as well as devastation caused by Hurricane Ian, mainly in Pinar del Rio, the main tobacco-producing region on the island.
"Habanos continues its growth path already demonstrated in the world in recent years," said Vice President of Development Jose Maria Lopez during a news conference. Europe continues to be the top source of demand for Cuban cigars, responsible for more than half of sales, followed by the Asia-Pacific zone , the Americas and Africa and the Middle East , Lopez added.
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