Karachi: Philip Morris (Pakistan) Limited has announced its financial results for the year ended December 31, 2024, revealing a decline in profit after taxation from the previous year. The Board of Directors approved the audited financial statements during a meeting held on March 25, 2024. The company’s Annual General Meeting (AGM) is scheduled for April 24, 2025, at 11:00 am at the Pakistan Stock Exchange Auditorium and simultaneously via video link.

According to the financial statements, the net turnover for the year 2024 was reported at 32,340.89 million rupees, which marks a significant increase from the previous year’s turnover of 18,219.71 million rupees. However, the cost of sales also saw a substantial rise, reaching 29,525.23 million rupees compared to 12,082.36 million rupees in 2023. Consequently, the company’s gross profit decreased to 2,815.66 million rupees from 6,137.35 million rupees, reflecting increased expenses.

Distribution and marketing expenses rose to 6,873.45 million rupees, up from 5,578.50 million rupees in 2023. Administrative expenses increased to 2,235.10 million rupees from 1,838.04 million rupees. Other expenses amounted to 192.38 million rupees, a decrease from 1,084.73 million rupees. Meanwhile, other income saw a significant rise, recorded at 7,527.04 million rupees, compared to 3,409.92 million rupees in the previous year.

The company’s operating profit stood at 1,041.76 million rupees, slightly down from 1,046.00 million rupees in 2023. Finance cost and bank charges were recorded at 192.90 million rupees, an increase from 90.34 million rupees. Profit before taxation and levy decreased to 848.86 million rupees from 955.67 million rupees, while the levy imposed was 470.58 million rupees, up from 130.24 million rupees.

Profit before taxation reduced to 378.28 million rupees from 825.42 million rupees in the previous year. After accounting for taxation of 123.54 million rupees, the profit after taxation was 254.75 million rupees, down from 379.80 million rupees in 2023.

The company reported a total comprehensive income of 287.58 million rupees for the year 2024, compared to 323.66 million rupees the previous year. Earnings per share also saw a decline, with basic earnings per share at 4.14 rupees, down from 6.17 rupees, and diluted earnings per share at 3.39 rupees, down from 4.72 rupees.

The company’s shares transfer books will be closed from April 17, 2025, to April 24, 2025. Transfers received in order at the office of the company’s share registrar, Central Depository Company, by the close of business on April 18, 2025, will be eligible for participation in the AGM. The Annual Report will be transmitted through PUCARS at least 21 days before the AGM.

According to information available from the Pakistan Stock Exchange (PSX), Philip Morris (Pakistan) Limited falls under the designated market category.