Philip Morris Pakistan

Last updated
Philip Morris Pakistan
Company typePublic
PSX:  PMPK (1971–2025)
Industry Tobacco
Founded1969;56 years ago (1969) [1]
Headquarters
Karachi
,
Pakistan
Products Cigarettes
RevenueDecrease2.svgRs. 18.219 billion (US$63 million) (2023)
Decrease2.svgRs. 1.046 billion (US$3.6 million) (2023)
Decrease2.svgRs. 323.663 million (US$1.1 million) (2023)
Total assets Increase2.svgRs. 30.534 billion (US$110 million) (2023)
Total equity Increase2.svgRs. 15.594 billion (US$54 million) (2023)
Owner Philip Morris International (97.65%)
Number of employees
644 (2023)
Parent Philip Morris International
Website www.pmi.com/markets/pakistan/en/about-us/overview
Footnotes /references
Financials as of 31 December 2023 [2]

Philip Morris Pakistan, formerly known as Lakson Tobacco Company, is a Pakistani tobacco manufacturing company which is a subsidiary of Philip Morris International. It is headquartered in Karachi, Pakistan. The company is involved in the manufacturing and sale of cigarettes and tobacco products. [3]

Contents

It is the second-largest tobacco company in Pakistan after Pakistan Tobacco Company. [4]

History

Philip Morris Pakistan was founded in 1969 as a joint venture between Lakson Group, Philip Morris International, and Rothmans International. [5] [3] It was then known as Lakson Tobacco Company as 51 percent of the shareholding was held by Lakhani family. [5] Two years later, in 1971, it was listed on the Karachi Stock Exchange. [5]

In 1997, Premier Tobacco was merged into Lakson Tobacco Company. [5] Premier Tobacco was founded in 1952 by SA Samad as a joint venture with Philip Morris and Rothmans International. [5] Premier Tobacco became a listed company on the Karachi Stock Exchange in 1955. [5] In 1984, Samad sold his controlling stake to Sadruddin Hashwani of Hashoo Group, which was ultimately acquired by Lakhani family from Hashwani in 1987. [5]

In 2007, Philip Morris International increased its shareholding in the company to 97 percent and renamed it as Philip Morris Pakistan. [6] [7]

In 2015, Philip Morris shut down its plant in Mandra, Rawalpindi District due to rising costs and smuggling of tobacco in Pakistan. [8] 141 employees lost their jobs. [9]

In 2019, Philip Morris closed Kotri plant in order to restructure their finances. [10] As a result, 193 employees lost their job. [10]

Tobacco brands

Production

By 1996, Philip Morris had an installed capacity to produce 18.76 billion cigrattes in three factories located in Dadu, Karachi, and Sahiwal. [5] Until 1991, the company also operated a factory in Mardan, but it was closed due to the rise of smuggling. [5] [11] The company currently operates two factories in following cities:

See also

References

  1. ↑ "PMI takes over Lakson Tobacco". DAWN.COM. March 10, 2007.
  2. ↑ "Philip Morris Pakistan Annual Report 2023" (PDF). Retrieved 8 September 2024.
  3. 1 2 "Philip Morris (Pakistan) Limited – Business Recorder".
  4. ↑ Iqbal, Shahid (January 20, 2007). "PMI buys 50.21pc stakes in Lakson: Rs20.62 billion deal". DAWN.COM.
  5. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 "Corporate finance in Pakistan: Case studies from an emerging market". [Karachi] : Oxford University Press ; Lahore : Lahore University of Management Sciences. May 13, 1999 – via Internet Archive.
  6. ↑ "Philip Morris acquires Pakistan's Lakson Tobacco". Reuters. March 9, 2007 – via www.reuters.com.
  7. ↑ "Tobacco industry: Philip Morris feeling the squeeze in Pakistan". The Express Tribune. March 3, 2012.
  8. ↑ "Philip Morris shuts cigarette production unit in Pindi". The Nation. February 17, 2015.
  9. ↑ "After closing plant Philip Morris now fires 141 employees". The Nation. November 23, 2015.
  10. 1 2 3 4 "Philip Morris shuts down tobacco manufacturing facility". www.thenews.com.pk. 5 March 2019.
  11. ↑ Hussain, Dilawar (April 9, 2008). "Philip Morris investment blows up in smoke". DAWN.COM.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.