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]
| Company type | Public |
|---|---|
| PSX: PMPK | |
| Industry | Tobacco |
| Founded | 1969[1] |
| Headquarters | , |
| Products | Cigarettes |
| Revenue |  Rs. 18.219 billion (US$63 million) (2023) |
| Rs. 1.046 billion (US$3.6 million) (2023) | |
| Rs. 323.663 million (US$1.1 million) (2023) | |
| Total assets |  Rs. 30.534 billion (US$110 million) (2023) |
| Total equity | Rs. 15.594 billion (US$54 million) (2023) |
| Owner | Philip Morris International (97.65%) |
Number of employees | 644 (2023) |
| Parent | Philip Morris International |
| Website | www |
| Footnotes / references Financials as of 31 December 2023[update] [2] | |
It is the second-largest tobacco company in Pakistan after Pakistan Tobacco Company.[4]
History
editPhilip 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
editProduction
editBy 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
editReferences
edit- ^ "PMI takes over Lakson Tobacco". DAWN.COM. March 10, 2007.
- ^ "Philip Morris Pakistan Annual Report 2023" (PDF). Retrieved 8 September 2024.
- ^ a b "Philip Morris (Pakistan) Limited – Business Recorder".
- ^ Iqbal, Shahid (January 20, 2007). "PMI buys 50.21pc stakes in Lakson: Rs20.62 billion deal". DAWN.COM.
- ^ 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.
- ^ "Philip Morris acquires Pakistan's Lakson Tobacco". Reuters. March 9, 2007 – via www.reuters.com.
- ^ "Philip Morris shuts cigarette production unit in Pindi". The Nation. February 17, 2015.
- ^ "After closing plant Philip Morris now fires 141 employees". The Nation. November 23, 2015.
- ^ a b c d "Philip Morris shuts down tobacco manufacturing facility". www.thenews.com.pk.
- ^ Hussain, Dilawar (April 9, 2008). "Philip Morris investment blows up in smoke". DAWN.COM.
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