Cairo – Mubasher: Philip Morris is in talks with the Egyptian government to expand into the most populous Arab nation in the coming period, the managing director of Philip Morris Misr (PMM) and Levant, Vassilis Gkatzelis, told Mubasher.
The tobacco giant is currently working with regulatory bodies to launch a new product approved by the Egyptian Ministry of Trade and Industry, Gkatzelis remarked.
This product has already been launched in several Arab countries, including the UAE and Palestine as well as the duty-free area in Beirut–Rafic Hariri International Airport, he noted, adding that more than $6 billion has been invested in product development and research to date.
PMM owns a 22% share of the foreign tobacco market in Egypt, with plans to increase its investments gradually in the coming period, he noted.
Philip Morris has also invested $1.5 billion in setting up facilities for manufacturing smoke-free products, building new factories in Italy and Germany, and renovating existing factories in Greece, Russia, Romania, and Switzerland, in addition to investing $120 million in building research and development facilities.
It is worth mentioning that during the third quarter of 2019, the cigarette maker reported net income of $1.896 billion, or $1.22 per share, compared to $2.247 billion, or $1.44 per share, in the year-ago period.
Source: Mubasher Exclusive
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