Philip Morris sees net profit rise by 5% in 2020
PrJSC Philip Morris Ukraine, one of the largest tobacco companies in Ukraine, in 2020 increased its net profit by 5% compared to 2019, to UAH 2.73 billion.
According to the company's statement in the information disclosure system of the National Securities and Stock Market Commission, its assets for the year increased by 18%, to UAH 11.51 billion, and retained earnings by 55.5%, to UAH 7.79 billion.
Total debtor indebtedness over the year increased by 28.4%, to UAH 8.63 billion.
It is also indicated that at an annual meeting of shareholders on April 27, it is planned to obtain approval for the company to carry out significant transactions with an aggregate value of up to UAH 40 billion, which until April 30, 2022 can be used by the company to conduct business. In addition, during the meeting, it is planned to approve the main directions of the company's activities, which include the further increase in production capacity and the expansion of the company's product range.
Philip Morris International, which includes PrJSC Philip Morris Ukraine, is one of the world's largest manufacturers of tobacco products. It produces cigarettes in more than 50 factories and sells them in 180 countries.
The company has been operating in Ukraine for over 20 years, owns a factory in Kharkiv region, and employs over 1,300 people.
The company reduced the shipment of cigarettes in Ukraine in 2020 by 4.3% compared to 2019 due to a general market decline, which was partially offset by an increase in the market share of heated tobacco products.