Philip Morris Pakistan Announces Financial Results and Local Production of Nicotine Pouches

Karachi: Philip Morris (Pakistan) Limited (PMPKL) has reported its financial outcomes for the half-year ended June 30, 2024. The Board of Directors, in a meeting on August 22, 2024, approved these results alongside plans to start local production of tobacco-free nicotine pouches, “ZYN”, which are currently imported.

According to information available from the Pakistan Stock Exchange (PSX), the company recorded a turnover of PKR 12.94 billion for the six-month period, up from PKR 9.06 billion in the same period last year. The gross profit stood at PKR 1.60 billion compared to PKR 3.38 billion in the prior year. Net profit for the period was PKR 534.30 million, marking a significant recovery from PKR 371.50 million reported last year. This was after covering distribution and marketing expenses which increased to PKR 3.07 billion from PKR 1.76 billion, and administrative expenses which were up to PKR 965.05 million from PKR 825.92 million.

In terms of operational milestones, the earnings per share (EPS) improved to PKR 8.68 from PKR 6.03. The finance costs and bank charges were PKR 84.24 million, up from PKR 31.58 million last year, reflecting increased borrowing costs.

In alignment with the Securities Act, 2015, and PSX Regulations, PMPKL’s localization of the ZYN nicotine pouches is anticipated to enhance operational efficiencies and reduce dependency on imports, potentially bolstering future profit margins.

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