Philip Morris Pakistan Limited (PSX: PMPK) has revised the disclosed area of its immovable fixed assets following a revaluation exercise as part of its ongoing delisting process.
In a filing to the Pakistan Stock Exchange (PSX) on Thursday, the company stated that an independent valuer, Joseph Lobo (Pvt.) Limited conducted a detailed assessment of the company’s land assets. The valuation was completed on April 23, 2025, and was based on physical inspections, including assessment of land features, access roads, and frontage.
The revaluation led to changes in the figures of the company’s financial statements for the year ended December 31, 2024. The revised total land area across various locations is as follows:
Sahiwal Factory, Sahiwal: 83,401 square yards
Land in Mardan, Mardan: 62,216 square yards
Land in Mandra, Mandra: 101,578 square yards
Land in Swabi, Swabi: 28,599 square yards
Land in Naushera, Naushera: 63,636 square yards
The company clarified that these updates do not affect the measurement, classification, or presentation of its assets in the financial statements for 2024. The revised figures will be incorporated in the next year’s financial statements.
The revaluation exercise was initiated in connection with the company’s delisting application submitted on April 28, 2025.