Philip Morris posts over 30% growth in annual profit

Philip Morris posts over 30% growth in annual profit

KARACHI: Philip Morris (Pakistan) Limited, a public limited tobacco manufacturing company, on Tuesday announced over 30 per cent increase in profit after tax for the year ended December 31, 2021.

The company announced profit after tax to Rs2.30 billion for the year ended December 31, 2021 as compared with Rs1.76 billion in the preceding year.

It announced basic earnings per share at Rs37.46 for the year ended December 31, 2021 as compared with Rs16.76 in the preceding year.

READ MORE: Philip Morris declares 37% growth in half year net profit

The board of directors of the company met on Tuesday March 8, 2022 and approved financial statement for the year ended December 31, 2021.

Total turnover for the year increased to Rs17.45 billion as compared with Rs16.59 billion in the preceding fiscal year. The company recorded decline in cost of sales to Rs9.97 billion as compared with Rs10.138 billion.

The company curtailed administrative expenses to Rs1.4 billion in 2021 as compared with Rs1.62 billion in the preceding year.

READ MORE: Philip Morris declares 39% decline in quarterly profit

It declared profit before taxation at Rs3.34 billion for the year ended December 31, 2021 as compared with Rs2.55 billion in the preceding year.

Philip Morris (Pakistan) Limited (PMPKL) is a public limited tobacco manufacturing company and listed on the Pakistan Stock Exchange. PMPKL is an affiliate of Philip Morris International (PMI), a leading international tobacco company, listed on the New York Stock Exchange with its Operational Headquarters in Lausanne and Corporate Headquarters in New York.

READ MORE: Philip Morris declares Rs1.76bn after tax annual profit

The company claimed to be the largest manufacturers of cigarettes in Pakistan and support a wide range of charitable projects in communities where it sources and manufacture our tobacco. These include providing economic opportunity, empowering women and access to education.

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