KT&G Corp., South Korea’s state-run tobacco producer, said Thursday its net profit jumped 45.5 percent in 2014 from a year earlier, driven by an increase in domestic sales ahead of a sharp price hike.

Net income came to 813.8 billion won ($751.9 million) last year, compared with 559.3 billion won in 2013, the company said in a regulatory filing.

Operating profit went up 15.6 percent on-year to 1.17 trillion won last year, and sales gained 7.6 percent to 4.11 trillion won, it said.

The numbers reflect the performance results by KT&G and its subsidiaries, including the Korea Ginseng Corp.

The solid performance was attributable to increased sales in the local market ahead of a sharp rise in the tobacco tax, which nearly doubled the average price of cigarettes to 4,500 won per pack starting Jan. 1. (Yonhap)