Pakistan Tobacco Company Limited (PAKT) cash flow statement

Operating activities generated Rs 33.9 bn of cash in FY2025 (Jan – Dec 2025), up 29.6% on FY2024, 66% of the starting profit. Capital expenditure was Rs 5.9 bn, leaving free cash flow of Rs 28.1 bn. Dividends paid to shareholders came to Rs 38.3 bn. Overall, cash decreased by Rs 11.6 bn.

PAKT cash flow statement (annual) (Rs bn)
Rs bn	FY2025 Jan – Dec 2025	FY2024 Jan – Dec 2024	FY2023 Jan – Dec 2023	FY2022 Jan – Dec 2022	FY2021 Jan – Dec 2021	FY2020 Jan – Dec 2020	FY2019 Jan – Dec 2019	FY2018 Jan – Dec 2018	FY2017 Jan – Dec 2017	FY2016 Jan – Dec 2016	FY2015 Jan – Dec 2015	FY2014 Jan – Dec 2014	FY2013 Jan – Dec 2013	FY2012 Jan – Dec 2012	FY2011 Jan – Dec 2011	FY2010 Jan – Dec 2010	FY2009 Jan – Dec 2009	FY2008 * Jan – Dec 2008	FY2007 * Jan – Dec 2007	FY2006 Jan – Dec 2006
Operating activities
Profit (cash-flow starting line, as reported)	51.1	49.5	50.0	34.7	26.2	22.4	18.3	15.3	13.0	—	—	—	—	—	—	—	—	—	—	—
Depreciation & amortisation	2.9	2.2	2.2	2.1	1.7	1.5	1.4	0.9	1.1	—	—	—	—	—	—	—	—	—	—	—
Net cash from operating activities	33.9	26.2	23.1	27.2	20.0	23.0	9.4	13.6	12.5	10.9	5.5	6.6	2.5	1.8	2.2	1.2	2.6	4.4	3.6	1.8
Investing activities
Capital expenditure	(5.9)	(3.8)	(4.3)	(2.5)	(2.0)	(3.7)	(2.7)	(1.6)	(1.2)	(0.6)	(1.5)	(2.2)	(1.9)	(0.4)	(1.2)	(0.6)	(1.0)	(1.1)	(1.2)	(1.2)
Net cash from investing activities	(5.4)	(3.7)	(4.8)	(1.5)	(2.0)	(4.0)	(1.6)	(2.1)	(1.0)	(0.3)	(1.3)	(2.2)	(1.8)	(0.2)	(1.1)	(0.6)	(1.0)	(1.0)	(1.2)	(1.2)
Financing activities
Dividends paid	(38.3)	(39.9)	(5.4)	(11.5)	(15.9)	(14.8)	(12.4)	(9.4)	(5.2)	(8.2)	(4.6)	(2.3)	(1.9)	(1.0)	(0.5)	(1.5)	(2.4)	(3.0)	(2.0)	(1.4)
Borrowings raised / (repaid)	(1.9)	(1.8)	(3.8)	(1.4)	1.3	(0.5)	(0.7)	(0.3)	(0.2)	(0.2)	(0.3)	(0.2)	(0.1)	(0.1)	—	—	—	—	—	—
Net cash from financing activities	(40.2)	(41.7)	(9.2)	(12.9)	(14.5)	(15.3)	(13.1)	(9.7)	(5.4)	(8.4)	(4.9)	(2.4)	(2.0)	(1.1)	(0.5)	(1.5)	(2.4)	(3.0)	(2.1)	(1.4)
Net change in cash	(11.6)	(19.2)	9.1	12.8	3.4	3.7	(5.4)	1.8	6.1	2.2	(0.8)	2.0	(1.3)	0.6	0.5	(0.9)	(0.7)	0.4	0.4	(0.9)
Key figures
Free cash flow (operating cash flow − capex)	28.1	22.3	18.9	24.7	17.9	19.3	6.6	12.0	11.3	10.3	4.0	4.3	0.6	1.4	1.0	0.5	1.6	3.3	2.4	0.5

PAKT cash flow statement — year-on-year change (Rs mn)
Rs mn	FY2025 Jan – Dec 2025	FY2024 Jan – Dec 2024	FY2023 Jan – Dec 2023	FY2022 Jan – Dec 2022	FY2021 Jan – Dec 2021	FY2020 Jan – Dec 2020	FY2019 Jan – Dec 2019	FY2018 Jan – Dec 2018	FY2017 Jan – Dec 2017	FY2016 Jan – Dec 2016	FY2015 Jan – Dec 2015	FY2014 Jan – Dec 2014	FY2013 Jan – Dec 2013	FY2012 Jan – Dec 2012	FY2011 Jan – Dec 2011	FY2010 Jan – Dec 2010	FY2009 Jan – Dec 2009	FY2008 * Jan – Dec 2008	FY2007 * Jan – Dec 2007	FY2006 Jan – Dec 2006
Operating activities
Profit (cash-flow starting line, as reported)	+3.3%	-1.0%	+44.0%	+32.5%	+17.1%	+22.4%	+19.7%	+17.4%	—	—	—	—	—	—	—	—	—	—	—	—
Depreciation & amortisation	+28.5%	+4.3%	+0.2%	+25.9%	+13.8%	+9.7%	+45.2%	-15.3%	—	—	—	—	—	—	—	—	—	—	—	—
Net cash from operating activities	+29.6%	+13.3%	-15.0%	+36.3%	-13.2%	+145.3%	-30.9%	+8.6%	+14.5%	+98.6%	-16.4%	+162.0%	+36.3%	-16.2%	+85.3%	-55.2%	-39.5%	+22.3%	+103.4%	—
Investing activities
Capital expenditure	+52.6%	-9.9%	+68.9%	+24.7%	-44.7%	+34.0%	+70.0%	+38.2%	+100.7%	-61.1%	-33.7%	+19.2%	+348.3%	-63.9%	+80.7%	-38.2%	-2.7%	-9.8%	-3.8%	—
Net cash from investing activities	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Financing activities
Dividends paid	-4.1%	+635.3%	-52.8%	-27.5%	+7.2%	+19.4%	+31.4%	+82.2%	-36.5%	+76.5%	+104.4%	+22.1%	+79.5%	+92.4%	-65.0%	-37.1%	-18.0%	+47.4%	+43.7%	—
Borrowings raised / (repaid)	—	—	—	-206.6%	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Net cash from financing activities	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Net change in cash	—	-311.0%	-28.7%	+274.6%	-8.2%	—	-405.1%	-71.2%	+178.5%	—	-138.4%	—	-322.1%	+9.3%	—	—	-303.4%	+2.9%	—	—
Key figures
Free cash flow (operating cash flow − capex)	+25.6%	+18.5%	-23.6%	+37.6%	-7.3%	+191.0%	-44.5%	+5.6%	+9.7%	+158.1%	-7.4%	+594.5%	-56.1%	+37.9%	+90.7%	-66.3%	-51.5%	+38.4%	+358.6%	—

Change against the previous fiscal year; shown when the earlier figure is positive.

Figures in Pakistani rupees as reported by the company; costs and cash outflows in brackets; "—" = not reported. * Figures in this period do not fully reconcile in the source data (hover the * for details). Updated 16 Oct 2026.

All reported line items 57

PAKT cash flow statement — all reported line items (Rs bn)
Rs bn	FY2025 Jan – Dec 2025	FY2024 Jan – Dec 2024	FY2023 Jan – Dec 2023	FY2022 Jan – Dec 2022	FY2021 Jan – Dec 2021	FY2020 Jan – Dec 2020	FY2019 Jan – Dec 2019	FY2018 Jan – Dec 2018	FY2017 Jan – Dec 2017	FY2016 Jan – Dec 2016	FY2015 Jan – Dec 2015	FY2014 Jan – Dec 2014	FY2013 Jan – Dec 2013	FY2012 Jan – Dec 2012	FY2011 Jan – Dec 2011	FY2010 Jan – Dec 2010	FY2009 Jan – Dec 2009	FY2008 Jan – Dec 2008	FY2007 Jan – Dec 2007	FY2006 Jan – Dec 2006
Profit/(Loss) - Starting Line - Cash Flow	51.1	49.5	50.0	34.7	26.2	22.4	18.3	15.3	13.0	—	—	—	—	—	—	—	—	—	—	—
Non-cash Items & Reconciliation Adjustments - Cash Flow	4.4	(0.0)	0.5	1.0	0.9	1.4	1.0	0.3	0.8	—	—	—	—	—	—	—	—	—	—	—
Other Non-Cash Items & Reconciliation Adjustments - Cash Flow - to Reconcile	2.9	3.4	5.0	0.9	0.0	0.2	0.4	0.1	(0.2)	—	—	—	—	—	—	—	—	—	—	—
Financial Income/(Expense) - Cash Flow - to Reconcile	(1.0)	(5.5)	(6.6)	(1.9)	(0.7)	(0.5)	(0.6)	(0.7)	(0.2)	—	—	—	—	—	—	—	—	—	—	—
Depreciation, Depletion & Amortization including Impairment - Cash Flow - to Reconcile	2.9	2.2	2.2	2.1	1.7	1.5	1.4	0.9	1.1	—	—	—	—	—	—	—	—	—	—	—
Depreciation & Depletion - Property, Plant & Equipment - Cash Flow - to Reconcile	2.9	2.2	2.2	2.1	1.7	1.5	1.4	0.9	1.1	—	—	—	—	—	—	—	—	—	—	—
Assets Sale - Gain/(Loss) - Cash Flow - to Reconcile	(0.3)	(0.2)	(0.1)	(0.1)	(0.1)	0.2	(0.1)	(0.0)	0.0	—	—	—	—	—	—	—	—	—	—	—
Income Taxes - Paid/(Reimbursed) - Cash Flow	20.8	20.5	19.1	11.9	6.9	5.0	5.3	5.7	4.3	—	—	—	—	—	—	—	—	—	—	—
Interest Paid - Cash	0.1	0.1	0.2	0.1	0.3	0.3	0.2	0.0	0.1	—	—	—	—	—	—	—	—	—	—	—
Interest & Dividends - Received - Total - Cash Flow	1.6	6.3	7.0	2.3	1.0	0.8	0.8	0.8	0.2	—	—	—	—	—	—	—	—	—	—	—
Cash Flow from Operating Activities before Changes in Working Capital	36.1	35.2	38.2	26.1	21.0	19.3	14.7	10.6	9.7	—	—	—	—	—	—	—	—	—	—	—
Working Capital - Increase/(Decrease) - Cash Flow	(2.2)	(9.0)	(15.1)	1.1	(1.0)	3.7	(5.3)	3.0	2.8	—	—	—	—	—	—	—	—	—	—	—
Accounts Receivables - Decrease/(Increase) - Cash Flow	(3.0)	1.5	(2.1)	(2.4)	(0.4)	0.2	(0.2)	(0.9)	(0.0)	—	—	—	—	—	—	—	—	—	—	—
Inventories - Decrease/(Increase) - Cash Flow	(4.9)	(2.7)	(22.0)	(3.0)	(2.6)	1.8	(3.0)	(4.0)	(0.8)	—	—	—	—	—	—	—	—	—	—	—
Prepaid Expenses - Decrease/(Increase) - Cash Flow	0.1	(0.1)	(0.1)	(0.1)	0.0	(0.1)	0.2	(0.0)	(0.0)	—	—	—	—	—	—	—	—	—	—	—
Other Assets - Decrease/(Increase) - Cash Flow	0.3	0.4	0.2	(0.7)	0.2	(0.2)	(0.0)	(0.0)	0.1	—	—	—	—	—	—	—	—	—	—	—
Accounts Payable and Accrued Expenses - Increase/(Decrease) - Cash Flow	3.3	(8.8)	11.0	5.8	1.3	2.7	(2.9)	7.7	2.5	—	—	—	—	—	—	—	—	—	—	—
Other Liabilities - Increase/(Decrease) -Total - Cash Flow	2.0	0.7	(2.0)	1.6	0.4	(0.8)	0.6	0.2	1.1	—	—	—	—	—	—	—	—	—	—	—
Net Cash Flow from Operating Activities	33.9	26.2	23.1	27.2	20.0	23.0	9.4	13.6	12.5	10.9	5.5	6.6	2.5	1.8	2.2	1.2	2.6	4.4	3.6	1.8
Capital Expenditures - Net - Cash Flow	5.1	3.4	4.0	2.1	1.6	3.4	2.4	1.5	1.0	0.3	1.3	2.2	1.8	0.2	1.1	0.6	1.0	1.0	1.2	1.2
Property, Plant & Equipment - Purchased/(Sold) - Net - Cash Flow	5.1	3.4	4.0	2.1	1.6	3.4	2.4	1.5	1.0	0.3	1.3	2.2	1.8	0.2	1.1	0.6	1.0	1.0	1.2	1.2
Property, Plant & Equipment - Purchased - Cash Flow	5.9	3.8	4.3	2.5	2.0	3.7	2.7	1.6	1.2	0.6	1.5	2.2	1.9	0.4	1.2	0.6	1.0	1.1	1.2	1.2
Property, Plant & Equipment Sold - Cash Flow	0.7	0.5	0.3	0.4	0.4	0.2	0.3	0.2	0.2	0.3	0.2	0.1	0.1	0.2	0.0	0.0	0.1	0.0	0.0	0.0
Capital Expenditures - Total	5.9	3.8	4.3	2.5	2.0	3.7	2.7	1.6	1.2	0.6	1.5	2.2	1.9	0.4	1.2	0.6	1.0	1.1	1.2	1.2
Other Investing Cash Flow - Decrease/(Increase)	(0.3)	(0.3)	(0.8)	0.6	(0.4)	(0.5)	0.8	(0.7)	—	—	—	—	—	—	—	—	—	—	—	—
Net Cash Flow from Investing Activities	(5.4)	(3.7)	(4.8)	(1.5)	(2.0)	(4.0)	(1.6)	(2.1)	(1.0)	(0.3)	(1.3)	(2.2)	(1.8)	(0.2)	(1.1)	(0.6)	(1.0)	(1.0)	(1.2)	(1.2)
Dividends Paid - Cash - Total - Cash Flow	38.3	39.9	5.4	11.5	15.9	14.8	12.4	9.4	5.2	8.2	4.6	2.3	1.9	1.0	0.5	1.5	2.4	3.0	2.0	1.4
Dividends - Common - Cash Paid	38.3	39.9	5.4	11.5	15.9	14.8	12.4	9.4	5.2	8.2	4.6	2.3	1.9	1.0	0.5	1.5	2.4	3.0	2.0	1.4
Debt - Long-Term & Short-Term - Issuance/(Retirement) - Total - Cash Flow	(1.9)	(1.8)	(3.8)	(1.4)	1.3	(0.5)	(0.7)	(0.3)	(0.2)	(0.2)	(0.3)	(0.2)	(0.1)	(0.1)	—	—	—	—	—	—
Debt - Issued/Reduced - Long-Term - Cash Flow	(1.9)	(1.8)	(3.8)	(1.4)	1.3	(0.5)	(0.7)	(0.3)	(0.2)	(0.2)	(0.3)	(0.2)	(0.1)	(0.1)	—	—	—	—	—	—
Lease liabilities - Issued/(Reduced) - Cash Flow	(1.9)	(1.8)	(1.5)	(1.4)	(1.0)	(0.5)	(0.7)	(0.3)	(0.2)	—	—	—	—	—	—	—	—	—	—	—
Debt - Issued - Long-Term - Cash Flow	—	—	—	—	2.3	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Debt - Reduced - Long-Term - Cash Flow	1.9	1.8	3.8	1.4	1.0	0.5	0.7	0.3	0.2	0.2	0.3	0.2	0.1	0.1	—	—	—	—	—	—
Lease liabilities - Reduced - Cash flow represents cash outflow due to the repayment of lease liability/debt of the company. It includes finance leases, capitalized lease, and hire-purchase agreement. Applicable to all industries. If Lease liability issue	1.9	1.8	1.5	1.4	1.0	0.5	0.7	0.3	0.2	—	—	—	—	—	—	—	—	—	—	—
Other Financing Cash Flow - Increase/(Decrease)	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	(0.1)	(0.0)
Net Cash Flow from Financing Activities	(40.2)	(41.7)	(9.2)	(12.9)	(14.5)	(15.3)	(13.1)	(9.7)	(5.4)	(8.4)	(4.9)	(2.4)	(2.0)	(1.1)	(0.5)	(1.5)	(2.4)	(3.0)	(2.1)	(1.4)
Net Change in Cash - Total	(11.6)	(19.2)	9.1	12.8	3.4	3.7	(5.4)	1.8	6.1	2.2	(0.8)	2.0	(1.3)	0.6	0.5	(0.9)	(0.7)	0.4	0.4	(0.9)
Net Cash from Continuing Operations	(11.6)	(19.2)	9.1	12.8	3.4	3.7	(5.4)	1.8	6.1	2.2	(0.8)	2.0	(1.3)	0.6	0.5	(0.9)	(0.7)	0.4	0.4	(0.9)
Net Cash - Beginning Balance	13.3	32.5	23.4	10.6	7.2	3.5	8.9	7.2	1.0	(1.2)	(0.4)	(2.4)	(1.1)	(1.7)	(2.2)	(1.3)	(0.5)	(0.9)	(1.2)	(0.3)
Net Cash - Ending Balance	1.7	13.3	32.5	23.4	10.6	7.2	3.5	8.9	7.2	1.0	(1.2)	(0.4)	(2.4)	(1.1)	(1.7)	(2.2)	(1.3)	(0.5)	(0.9)	(1.2)
Cash Receipts - Sales of Goods & Services - Cash Flow	—	—	—	—	—	—	—	—	—	129.0	125.3	107.2	89.9	75.5	67.4	60.3	57.5	49.0	41.0	35.7
Cash Payments - Suppliers of Goods & Services - Cash Flow	—	—	—	—	—	—	—	—	—	21.9	25.3	23.6	22.1	18.2	16.5	15.3	14.1	11.2	9.2	8.9
Interest Paid - Cash (Cash Flow - Direct)	—	—	—	—	—	—	—	—	—	86.2	86.1	70.0	60.0	0.1	0.1	0.1	0.0	0.0	—	—
Cash Receipts - Business Activities - Cash Flow	—	—	—	—	—	—	—	—	—	129.0	125.3	107.2	89.9	75.5	67.4	60.3	57.5	49.0	41.0	35.7
Cash Payments - Business Activities - Cash Flow	—	—	—	—	—	—	—	—	—	26.7	29.8	27.8	25.6	23.1	19.2	18.0	17.1	13.4	10.9	10.6
Cash Payments - Employees - Cash Flow	—	—	—	—	—	—	—	—	—	4.8	4.6	4.2	3.5	4.9	2.7	2.7	3.1	2.1	1.7	1.8
Income Taxes - Paid/(Reimbursed) - Cash Flow	—	—	—	—	—	—	—	—	—	4.6	2.9	2.3	1.5	0.6	0.3	0.9	1.2	1.2	1.2	1.3
Interest & Dividends - Received - Total - Cash Flow - Direct	—	—	—	—	—	—	—	—	—	0.4	0.3	0.2	0.1	0.1	0.0	0.0	0.1	0.1	0.0	0.0
Cash Receipts/(Payments) - Net - Cash Flow	—	—	—	—	—	—	—	—	—	(1.0)	(1.2)	(0.8)	(0.5)	(49.9)	(45.6)	(40.0)	(36.6)	(30.1)	(25.4)	(22.1)
Income Taxes - Paid/(Reimbursed) - Cash Flow - Supplemental	20.8	20.5	19.1	11.9	6.9	5.0	5.3	5.7	4.3	4.6	2.9	2.3	1.5	0.6	0.3	0.9	1.2	1.2	1.2	1.3
Interest Paid - Cash Flow - Supplemental	0.1	0.1	0.2	0.1	0.3	0.3	0.2	0.0	0.1	86.2	86.1	70.0	60.0	0.1	0.1	0.1	0.0	0.0	—	—
Interest & Dividends - Received - Cash Flow - Supplemental	1.6	6.3	7.0	2.3	1.0	0.8	0.8	0.8	0.2	0.4	0.3	0.2	0.1	0.1	0.0	0.0	0.1	0.1	0.0	0.0
CF from Optg Activities before Change in WC & Int Payments	36.3	35.3	38.5	26.2	21.2	19.5	14.9	10.6	9.7	97.1	91.6	76.5	62.5	2.0	2.3	1.3	2.7	4.4	3.6	1.8
Depreciation, Depletion & Amortization - Cash Flow	2.9	2.2	2.2	2.1	1.7	1.5	1.4	0.9	1.1	—	—	—	—	—	—	—	—	—	—	—
Free Cash Flow to Equity	26.9	21.0	15.3	23.7	19.7	19.0	6.2	11.9	11.3	10.4	3.9	4.2	0.6	1.6	1.1	0.6	1.7	3.3	2.4	0.6
Free Cash Flow Net of Dividends	(10.2)	(17.6)	13.4	13.2	2.1	4.5	(5.8)	2.5	6.2	2.2	(0.6)	2.1	(1.2)	0.4	0.5	(1.0)	(0.8)	0.3	0.4	(0.9)
Free Cash Flow	28.1	22.3	18.9	24.7	17.9	19.3	6.6	12.0	11.3	10.3	4.0	4.3	0.6	1.4	1.0	0.5	1.6	3.3	2.4	0.5

Every line the company reported, in the original order and wording, without regrouping or signs changed.