Philip Morris International Electronic Cigarette News

Time： 2023-08-25

Greece's largest cigarette maker and distributor Papastratos, a subsidiary of Philip Morris International, will post net sales of 657 million euros in 2022, up nearly 40% from 2021's 469 million euros .

Greece's largest cigarette manufacturer and distributor Papastratos, a subsidiary of Philip Morris International, will see net sales of 657 million euros in 2022, up from 469 million euros in 2021, Greek media reported. increased by nearly 40%. Although the cost of sales also increased by 58% in 2022, from 270 million euros to 426 million euros, its gross profit also increased from 200 million euros to 231 million euros.

Overall, the company will post sales of 1.58 billion euros in 2022, up from 1.364 billion euros in 2021. Among them, domestic sales amounted to 1.251 billion euros, contributing the vast majority of total sales, followed by exports at 329 million euros, a substantial increase from 181 million euros in 2021.

Since 2017, Papastratos' investment program in the Aspropyrgos factory has driven a significant increase in the production volume of IQOS products.

In 2021, the company will start an investment of 125 million euros to improve the production line and produce the next generation of IQOS products. With a further investment of EUR 160 million in 2022, a total of 6 revamped lines and 2 completely new lines will be in operation by the end of 2022.

In February 2023, the company announced an additional investment of 200 million euros in the Aspropyrgos factory, adding four new production lines and creating 300 local jobs. The investment is also expected to generate an export value of 300 million euros.

It is worth noting that Papastratos has been upgraded to PMI's operating headquarters in Southeastern Europe in early 2023. This region covers 12 countries including Greece, Bulgaria, Romania, Cyprus, Slovakia, Serbia, Bosnia and Herzegovina, North Macedonia, Albania, and Montenegro.

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