According to Greek media reports, Papastratos, the largest cigarette manufacturer and distributor in Greece and a subsidiary of Philip Morris International, achieved a net sales revenue of 657 million euros in 2022, a nearly 40% increase from 469 million euros in 2021. Despite a 58% increase in sales costs, rising from 270 million euros to 426 million euros, the company's gross profit also grew from 200 million euros to 231 million euros.
In summary, the company's sales in 2022 reached 1.58 billion euros, marking an increase from 1.364 billion euros in 2021. Domestic sales accounted for the majority of total sales at 1.251 billion euros, followed by exports at 329 million euros, a significant increase compared to 181 million euros in 2021.
Since 2017, Papastratos' investment plan at its Aspropyrgos factory has significantly increased the production volume of IQOS products.
In 2021, the company began a €125 million investment to improve their production line and manufacture the next generation IQOS products. With an additional investment of €160 million secured in 2022, a total of six refurbished production lines and two brand new lines were operational by the end of 2022.
In February 2023, the company announced an additional investment of 200 million euros in its Aspropyrgos plant, adding four production lines and creating 300 new jobs in the local area. This investment is also expected to generate an additional 300 million euros in exports.
Of note, Papastratos has recently been rebranded as the operating headquarters for PMI in Southeastern Europe, encompassing 12 countries including Greece, Bulgaria, Romania, Cyprus, Slovakia, Serbia, Bosnia and Herzegovina, North Macedonia, Albania, and Montenegro.
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