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. The content in this publication is expensive to produce. But unlike other journalistic outfits, business publications have to cover the very organizations that directly give them advertisements. Hence, this large source of revenue, which is the lifeblood of other media houses, is severely compromised on account of Profit’s no-compromise policy when it comes to our reporting. No wonder, Profit has lost multiple ad deals, worth tens of millions of rupees, due to stories that held big businesses to account. Hence, for our work to continue unfettered, it must be supported by discerning readers who know the value of quality business journalism, not just for the economy but for the society as a whole.To read the full article, subscribe and support independent business journalism in Pakistan
