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Philip Morris Pakistan

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Philip Morris Pakistan
Company typePublic
PSX: PMPK
IndustryTobacco
Founded1969; 55 years ago (1969)[1]
Headquarters
Karachi
,
Pakistan
ProductsCigarettes
RevenueDecrease Rs. 18.219 billion (US$63 million) (2023)
Decrease Rs. 1.046 billion (US$3.6 million) (2023)
Decrease Rs. 323.663 million (US$1.1 million) (2023)
Total assetsIncrease Rs. 30.534 billion (US$110 million) (2023)
Total equityIncrease Rs. 15.594 billion (US$54 million) (2023)
OwnerPhilip Morris International (97.65%)
Number of employees
644 (2023)
ParentPhilip Morris International
Websitewww.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]

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

History

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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]

In 2015, Philip Morris shut down its plant in Mandra, Rawalpindi District due to rising costs and smuggling of tobacco in Pakistan.[7] 141 employees lost their jobs.[8]

In 2019, Philip Morris closed Kotri plant in order to restructure their finances.[9] As a result, 193 employees lost their job.[9]

Tobacco brands

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Production

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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][10] The company currently operates two factories in following cities:

See also

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References

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  1. ^ "PMI takes over Lakson Tobacco". DAWN.COM. March 10, 2007.
  2. ^ "Philip Morris Pakistan Annual Report 2023" (PDF). Retrieved 8 September 2024.
  3. ^ a b "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. ^ a b c d e f g h i j k l m n o "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. ^ "Philip Morris shuts cigarette production unit in Pindi". The Nation. February 17, 2015.
  8. ^ "After closing plant Philip Morris now fires 141 employees". The Nation. November 23, 2015.
  9. ^ a b c d "Philip Morris shuts down tobacco manufacturing facility". www.thenews.com.pk.
  10. ^ Hussain, Dilawar (April 9, 2008). "Philip Morris investment blows up in smoke". DAWN.COM.
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