Philip Morris announces financial results for the year ended December 31st, 2020

Observer Report

Philip Morris (Pakistan) Limited (“Company”) announced a profit aftertax of PKR 1,765 million for the year ended December 31st, 2020 as compared to a loss after tax of PKR 1,980 million in the corresponding period last year.

The overall increase in profit after tax from last year is mainly due to a significant decrease in other expenses by PKR 2,732 million, which is largely attributable to the one-off impairment and employee separation cost charged on account of closure of the Company’s factory in Kotri during 2019.

During the year ended, the Company’s volume declined by 20% mainly reflecting the pressure faced by the legally compliant tax paying cigarette sector from the expanding illicit one, which now accounts for approx. 37% of the total market for the year 2020 versus 33.1% for the year 2019 (Retail Audit).

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