According to Greek media reports, PhilipMorrisInternational has seen Greece’s largest tobacco manufacturer and distributor, Papastratos, post net sales of 657 million euros in 2022, up nearly 40 percent from 469 million euros in 2021. While its cost of sales also increased by 58% in 2022, from €270 million to €426 million, its margins also grew from €200 million to €231 million.
Overall, the company reported sales of €1.58 billion in 2022, up from €1.364 billion in 2021. Of this, domestic sales amounted to €1.251 billion, followed by €329 million in export value, a significant increase from €181 million in 2021.
Since 2017, Papastratos’ investment program in the Aspropyrgos plant has significantly increased the production of IQOS products.
In 2020, the company began investing €125 million to improve production lines for the next generation of IQOS products. By the end of 2022, a total of six revamped production lines and two completely new lines were in operation, which received a further investment of €160 million in 2022.
In February 2023, the company announced an additional investment of €200 million in the Aspropyrgos plant, adding four production lines and creating 300 jobs in the local region. This investment is also estimated to generate €300 million in export value.
It is worth noting that at the beginning of 2023, Papastratos was upgraded to PMI, the operational headquarters for South-Eastern Europe, which includes 12 countries, including Greece, Bulgaria, Romania, Cyprus, Slovakia, Serbia, Bosnia and Herzegovina, North Macedonia, Albania and Montenegro.