Philip Morris CR's net profit up by 3.4 pct to Kc3.6bn in 2022

Kutna Hora, Central Bohemia, March 28 (CTK) - Net profit of tobacco company Philip Morris CR increased by 3.4 percent yr/yr to Kc3.6bn in 2022 and its sales (excluding excise duty and VAT) rose by 11 percent to Kc20.9bn, the company said in a press release and an invitation to the annual general meeting today.

The firm's board proposes a gross dividend of Kc1,310 per share, the same as for 2021, Philip Morris said.

Sales of heated tobacco and smoking products in Czechia and Slovakia fell by 2.7 percent to 11.2 billion units.

The total number of users of smokeless alternatives posted an annual rise to almost 570,000 in the Czech Republic and more than 290,000 in Slovakia.

Philip Morris CR CEO Andrea Gontkovicova described 2022 as a successful year from the financial point of view.

The company achieved a record production volume in Kutna Hora despite the impact of the war in Ukraine and the difficult macroeconomic inflationary environment, Gontkovicova said.

Last year, the company focused mainly on expanding its range of smokeless products in the Czech Republic and in Slovakia.

By the end of the year, more than 860,000 smokers in both countries were using IQOS smokeless products and 590,000 of them had completely stopped smoking conventional cigarettes.

The total combined market for cigarettes and heated tobacco products in Czechia remained at 17.4 billion units in 2022, while it grew by 1.3 percent to 7.4 billion units in Slovakia.

Philip Morris remains the market leader in both markets with an estimated market share of 40.1 percent in the Czech Republic and 55.5 percent in Slovakia.

Total sales of heated tobacco refills increased by 0.4 billion units to 2.3 billion units in Czechia and by 0.2 billion units to 1.1 billion units in Slovakia.

The sales volume of the smoking tobacco portfolio decreased to 4.8 billion units in the Czech Republic and to three billion units in Slovakia, mainly due to the switch of smokers to smokeless alternatives in both markets.

Philip Morris CR employs over 1,000 people in the Czech Republic. The company's shares are traded on the Prague Stock Exchange (BCPP).

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