For the six-month period that concluded in June 2022, Philip Morris (Pakistan) Limited (PMPKL) reported a profit after tax of Rs. 1.53 billion.
Due to rising taxes, this corresponds to a decrease of 11% from the same time last year.
For the fiscal year that ended on December 31, 2021, there was a taxation in the form of a super tax, which was imposed at 10%. (The tax Year 2022).
PMPKL reported a Net Turnover of Rs. 10.166 billion for the six months that ended June 30, 2022, an increase of 10.2% from the same period in 2021. This reflects the exports that were delayed at the end of 2021 due to external supply chain constraints and materialized in the first quarter of 2022.
The domestic net turnover is Rs. 9,175 million, an increase of 1.5% vs. SPLY, and the export turnover is Rs. 991 million, an increase of over 100% vs. SPLY.
The amount of excise duty, sales tax, and other government levies paid by PMPKL to the National Exchequer during the fiscal year that concluded on June 30, 2022 (July 2021 to June 2022) was Rs. 26.492 billion, an increase of 5.22 percent over the previous fiscal year.
Roman Yazbeck, Chief Executive Officer & Managing Director at PMPKL, commented on the company’s financial performance, stating that “Pakistan’s economy is experiencing an unprecedented economic downturn due to the global and local economic crises, coupled with the nation’s political instability.
The operating environment is exceedingly challenging for all firms due to the historical devaluation of the rupee, inflation, and record increase in the policy rate.
He added, “However, we would like to thank and congratulate the Government of Pakistan on the implementation of the Track & Trace System for the tobacco industry.
With the effective enforcement and across-the-board implementation, we are hopeful that this initiative will go a long way in combatting the illicit cigarette trade (i.e., 38 percent of the total market as per Oxford Economics) which is causing an estimated annual loss of Rs. 80 billion (approx.) to the National Exchequer”.
