Habanos S.A. Reports $827 Million Revenue for 2024, a Huge 14.7% Increase From 2023
Habanos S.A., the Cuban cigar monopoly, has reported an impressive $827 million in revenue for 2024, marking a 14.7% increase over its previous record set in 2023. The announcement was made at the Festival del Habano XXV, a crucial event for Cuba’s premium cigar industry.
Record-Breaking Growth in Cuban Cigar Sales
Between 2017 and 2023, Habanos S.A.’s revenue ranged between $500-570 million. However, following the 2020 sale of Imperial Brands’ 50% stake to Asian investors, the company implemented historic price hikes. This strategy, including the doubling of Cohiba prices and tripling of some Trinidad lines, has led to substantial revenue growth for the second consecutive year.
Habanos S.A. co-presidents Maritza Carrillo González and Luis Sánchez-Harguindey Pardo de Vera acknowledged the milestone, stating:
“Habanos, S.A.’s achievements in 2024 reflect the international recognition of our unique origin, the strength and prestige of our brands, and, of course, the passion of everyone involved in the fascinating world of Habanos.”
Premium Cigars Continue to Drive Revenue
While price hikes have slowed for 2024 and 2025, the company is focusing on ultra-premium cigars, with offerings like the Cohiba Behike BHK 58, expected to cost at least $400 in the most affordable markets. Festival attendees will have exclusive opportunities to purchase limited-edition packs of prestigious brands like H. Upmann, Romeo y Julieta, and Cohiba Behike.
European Market Remains Dominant
Despite speculation that Habanos S.A. would pivot towards China following its acquisition by Asian investors, Europe remains the largest market for Cuban cigars, accounting for 54% of sales. The company’s top markets by revenue are:
- China
- Spain
- Switzerland
- United Kingdom
- Germany
Regionally, the distribution of Habanos S.A. sales for 2024 is:
- Europe: 54% (down from 56% in 2023)
- Asia Pacific: 24% (up from 21%)
- Americas: 12% (down from 13%)
- Africa & Middle East: 10% (unchanged)
Given the persistent supply shortages, these numbers might not fully reflect demand, as Habanos S.A. has the ability to shift supply towards preferred markets. Nevertheless, with continued focus on high-end cigars and strategic pricing, the company appears poised for further success in the global luxury tobacco industry.
