Rafhan Limited recounts 3% upswing in overall profits

MG News | October 16, 2018 at 10:38 AM GMT+05:00

0:00

October 16, 2018 (MLN): Rafhan Maize Products Limited (RMPL) has given an account for a marginal 3% rise in its profits during the nine months ended September 30, 2018.

As per the company’s financial earnings report issued to the PSX, RMPL has made 9.4% higher net sales while gross profits witnessed a hike of 6.3% as they were logged in at Rs.5.9 billion against Rs.5.5 billion during the corresponding period of last year.

Meanwhile, since changes in non-core incomes and overall expenses off set one another to a significant extent, the company’s operating profits made a decent leap of 7.4% compared to the previous year.

However, noticeable increments in finance costs and tax provisions led towards a decline in the profit growth, but nevertheless, the company managed to gain Rs.3.3 billion in profit which marked an increase of Rs.98.7 million over the year.

Rafhan also reported a 3% rise in its basic and diluted earnings per share which grew from Rs.351.22 per share to Rs.361.91 per share.

Apart from this, the board has further recommended an interim cash dividend at Rs.100 per share, i.e. 1000% each.

Financial Results for the nine months ended September 30th 2018 ('000 Rupees)
	Sep-18	Sep-17	% Change
Sales - net	21,258,063	19,436,594	9.37%
Cost of sales	(15,401,456)	(13,927,160)	10.59%
Gross profit	5,856,607	5,509,434	6.30%
Distribution expenses	(503,012)	(478,444)	5.13%
Administrative expenses	(346,662)	(365,642)	-5.19%
Other income	134,529	134,848	-0.24%
Other Expenses	(313,988)	(305,099)	2.91%
	(1,029,133)	(1,014,337)	1.46%
Operating profit	4,827,474	4,495,097	7.39%
Finance cost	(19,125)	(11,888)	60.88%
Profit before taxation	4,808,349	4,483,209	7.25%
Taxation	(1,465,619)	(1,239,212)	18.27%
Profit after taxation	3,342,730	3,243,997	3.04%
Earnings per share - basic and diluted (Rupees)	361.91	351.22	3.04%

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