Philip Morris Pakistan posts 77.5% revenue growth in 2024

Philip Morris (Pakistan) Ltd (PMPKL), a subsidiary of the global tobacco giant Philip Morris International (PMI), has posted a remarkable 77.5% year-on-year increase in net turnover for the fiscal year ended December 31, 2024. The strong top-line performance was primarily driven by a more than doubling in export turnover, alongside modest growth in domestic cigarette sales and the company’s entry into the emerging category of smoke-free nicotine products.

In a filing submitted to the Pakistan Stock Exchange (PSX) on March 27, 2025, the company reported a net turnover of Rs32.3 billion, up from Rs18.2 billion in 2023. Of this, domestic turnover contributed Rs17.8 billion (55%), while exports made up Rs14.4 billion (45%). 

While top-line growth paints a robust picture, the company’s profit after tax declined by over 33% year-on-year, falling to Rs254.7 million in 2024 from Rs379.8 million in the previous year — a result that management attributed to cost pressures, competitive market dynamics, and investments in new product segments.