Philip Morris CR to pay out gross dividend of Kc1,220 for 2023

Philip Morris CR to pay out gross dividend of Kc1,220 for 2023

Kutna Hora, Central Bohemia, April 30 (CTK) - Philip Morris CR, the country's leading manufacturer and retailer of tobacco products, will pay out a gross dividend of Kc1,220 per share for last year, the annual general meeting decided today.

Shareholders received Kc1,310 apiece for 2022.

The tobacco firm's net profit posted an annual drop of 8 percent to Kc3.3bn last year. Revenues excluding excise duty and VAT fell by 1.8 percent to Kc20.6bn.

At today's general meeting, Philip Morris CR CEO Andrea Gontkovicova said that, despite the difficult times, the company's sales remained above Kc20bn and profit above Kc3bn. "This is a very good result and we are very satisfied with it," she added.

The company said its business was affected by inflationary pressures and the increasingly competitive environment in the supply of conventional cigarettes and smokeless alternatives. The domestic market is under pressure from Polish products, said Gontkovicova.

She pointed to the upcoming investment of more than Kc1bn in the Kutna Hora plant, the aim of which is to build new capacities for the production of refills for smokeless products.

The company's management faced several questions from shareholders at the meeting, for instance, whether the company is preparing for the possible legalisation of marijuana. According to Gontkovicova, the company is only monitoring social developments and discussions.

The company said it remains the market leader, with an estimated market share of 39.6 percent in the Czech Republic and 53.4 percent in Slovakia.

The company's shares are traded on the Prague Stock Exchange.

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