April 19, 2024

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[THE INVESTOR] Philip Morris Korea is considering relocating its head office to central Seoul, possibly Gwanghwamun or Euljiro, according to news reports on Sept. 4.

Currently, its office is located in the financial district of Yeouido, western Seoul.

“We have been searching for a new office building for months,” a Philip Morris Korea official was quoted as saying by The Bell. “The final decision will be made in October.”

The planned relocation comes amid the soaring popularity of its heated tobacco product IQOS since its Korean launch in June. Over the past few months, its retail partner BGF Retail, operator of CU convenience stores, also saw its share price jump more than 30 percent.

Largely buoyed by the hot-selling IQOS, Philip Morris Korea’s revenue is expected to cross 700 billion won (US$618.86 million), which compares to last year’s 679.2 billion won. Its operating profit is also estimated to exceed 15 billion won.

By Song Seung-hyun (ssh@heraldcorp.com)