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Rafhan Maize 1Q2024 earnings drop 30% YoY, pays Rs75 DPS

Rafhan Maize 1Q2024 earnings drop 30% YoY
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April 24, 2024 (MLN): Rafhan Maize Products Limited (PSX: RMPL) experienced a fall of 30.3% YoY in its earnings in the first quarter of 2024, earning a profit after tax of Rs1.81 billion [EPS: Rs195.77], compared to a profit of Rs2.59bn [EPS: Rs280.73] in the same period last year (SPLY).

Along with the results, the company announced an interim cash dividend of Rs75 per share.

Going by the results, the company's revenue inched down by 0.9% YoY to Rs17.45bn as compared to Rs17.61bn in SPLY.

Moreover, the cost of sales rose by 5.3% YoY, worsening the gross profit by 19.5% YoY to Rs3.56bn in 1Q2024.

The gross margins decreased to 20.41% as compared to 25.12% in SPLY.

During the review quarter, other income increased by 16.1% YoY to stand at Rs287.32m in 1Q2024 as compared to Rs247.47m in SPLY.

On the expense side, the company observed an increase in administrative expenses by 22.1% YoY while other expenses fell by 32.3% YoY to clock in at Rs397.6m and Rs201.31m respectively during the review period.

The company’s finance cost surged by 2.7x YoY and stood at Rs195.32m as compared to Rs73.1m in SPLY, mainly due to higher interest rates.

On the tax front, the company paid a lower tax worth Rs1.03bn against the Rs1.18bn paid in the corresponding period of last year, depicting a fall of 12.5% YoY.

Unconsolidated (un-audited) Financial Results for quarter ended March 31, 2024 (Rupees in '000)
  Mar 24 Mar 23 % Change
Sales 17,450,495 17,607,720 -0.89%
Cost of sales (13,888,672) (13,184,504) 5.34%
Gross Profit 3,561,823 4,423,216 -19.47%
Administrative Expenses (397,601) (325,752) 22.06%
Selling And Distribution Expenses (217,216) (193,688) 12.15%
Other Gains / (Losses) 1,441 (9,616)
Other Income 287,322 247,467 16.11%
Other Operating Expenses (201,305) (297,534) -32.34%
Finance Cost (195,317) (73,097) 167.20%
Profit before taxation 2,839,147 3,770,996 -24.71%
Taxation (1,030,896) (1,178,038) -12.49%
Net profit for the period 1,808,251 2,592,958 -30.26%
Basic earnings/ (loss) per share 195.77 280.73

Amount in thousand except for EPS

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Posted on: 2024-04-24T10:50:02+05:00