The government-run distributor of Cuban cigars, Habanos S.A., said it had generated $827 million in sales in 2024, a 14.7 percent increase over its previous record set in 2023.

The results were announced during the opening media event for the Festival del Habano XXV, the annual Cuban cigar festival in held in Havana. The figures are important for Cuba. Last week, President Miguel Díaz-Canel said that tobacco was the country’s main export.

From 2017-2023, Habanos S.A. generated revenue in the $500-570 million range. In 2020, Imperial Brands, plc sold its 50 percent share of Habanos S.A. to a group of Asian investors. Less than two years later, Habanos announced historic price increases, doubling the prices of Cohiba overnight and tripling the prices of some Trinidads.

Those price increases, reportedly due to pressure from the new Asian owners, have been a success for the company.

“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,” said Maritza Carrillo González and Luis Sánchez-Harguindey Pardo de Vera, the company’s co-presidents, in a press release. “And this is demonstrated not only by these fantastic results, but also by the demand we have had to attend this 25th Habano Festival, an event that continues to provide unparalleled experiences for premium tobacco enthusiasts worldwide.”

While the price increase percentages have slowed down in 2024 and 2025, the Cuban cigar company is increasingly focused on cigars that cost hundreds of dollars. This week’s festival is highlighted by the Cohiba Behike BHK 58, a cigar that will inevitably cost at least $400 in the cheapest market. A press release says that attendees of this festival will be able to purchase a three-pack of the H. Upmann Magnum 50 Gran Reserva Cosecha 2019, a five-pack of the Romeo y Julieta Amantes or a four-pack of the Cohiba Behike line, moves that will likely generate millions in added revenue.

When Imperial sold its stake to a group of undisclosed Asian investors, many assumed that it would mean that Habanos S.A. would focus its business on China. While China remains the company’s top country by sales, Europe still accounts for more than half the sales.

As far as countries, Habanos says its largest markets by sales revenues are China, Spain, Switzerland, the United Kingdom and Germany, respectively. Those are the same top five countries announced in 2022, however, the U.K. and Germany have swapped rankings.

Market-wise, Europe continues to be the top-selling area for Cuban cigars:

• Europe — 54 percent (56 percent in 2023)
• Asia Pacific — 24 percent (21 percent)
• Americas — 12 percent (13 percent)
• Africa and the Middle East — 10 percent (10 percent)