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HomeLatest NewsPhilip Morris profits in 2023 decrease by 13.6% to 7.2 billion

Philip Morris profits in 2023 decrease by 13.6% to 7.2 billion

Date: April 24, 2024 Time: 09:44:09

Philip Morris International (PMI) Recorded a Profit of 7,813 Million Dollars (7,249 Million EUROS) DURING 2023. THIS REPRESENTS A 13.6% Decrease Compared to Profits IN 2022, When They Reached 9,048 Million Dollars (8,395 Million euros) of 2022. The net income of the American tobacco company increased by 10.7%, to 35,174 million dollars (32,627 million euros). The volume of cigarettes and heated tobacco units was 738,212 million, 1% more, while that of oral products, such as nicotine patches or ‘snus’, was 799.3 million units.

For its part, the costs associated with sales amounted to 12,893 million dollars (11,959 million euros), 13.1% more. Afterwards, marketing, administration and R&D expenses increased by 24%, to 10,060 million dollars (9,332 million euros), and the balance of interest and other concepts was 1,771 million dollars (1,643 million euros). euros), 189.4% more. The sum reached 24,724 million dollars (22,934 million euros), 22.8% more.

In addition, Philip Morris provisioned 2,339 million dollars (2,170 million euros) to meet its tax obligations, 4.2% more. Only between the months of October and December 2023, the company recorded a profit of 2,196 million dollars (2,037 million euros), 8.4% less, although net income increased by 11%, to 9,047 million of dollars. (8,392 million euros).

40% of revenue from smokeless products

“We are pleased that smokeless products reached almost 40% of our total net revenue and more than 40% of our gross profit in the fourth quarter. This is due to the continued growth of IQOS, which has already surpassed Marlboro in revenue net, which confirms its position as a leading ‘premium’ nicotine brand less than 10 years after its launch,” highlighted the CEO of Philip Morris International, Jacek Olczak.

Forecasts for 2024

The multinational foresees organic growth in net income of between 6.5% and 8% by 2024, with smoke-free products remaining close to 15,000 million dollars (13,914 million euros). No share buybacks are planned. During the first quarter of the year, the adjusted diluted profit per title will be between 1.37 and 1.42 dollars (1.27 and 1.32 euros), which already contemplates an adverse impact of 0.10 dollars (0.093 euros) due to unfavorable exchange effects.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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