Rafhan Maize declares profits of Rs2.51 bln for 1HCY20, pays interim dividend of Rs 150 per share

MG News | August 24, 2020 at 12:18 PM GMT+05:00

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August 24, 2020 (MLN): Rafhan Maize Company Products Limited has declared its financial results for the half-year ended June 30, 2020, according to which, the company has earned profits of Rs. 2.51 billion (EPS: 272.48), i.e. 7.2% higher than the earnings recorded in the same period of last year.

The company also announced an Interim Cash Dividend for the half-year and quarter ended June 30, 2020, at Rs. 150 per share i.e. 1500%.

The major highlights from the financial report show a 10% increase in the gross profits, mainly owing to a decline in the cost of sales of the company by 4.1%.

Furthermore, there was a 25.2% increase in the distribution expenses and a 3.2% increase in administrative expenses. On top of that, the non-core expenses grew by 15.6% whereas other income showed a mere growth of 1.2%.

Similarly, the finance costs increased by 20.2% while the income tax expense surged by 11.2%.

Financial Results for the half-year ended June 30, 2020 (Rupees'000)
	Jun-20	Jun-19	% Change
Sales	17,124,720	17,316,721	-1.1%
Cost of sales	(13,014,008)	(13,576,714)	-4.1%
Gross Profit	4,110,712	3,740,007	9.9%
Distribution expenses	(302,668)	(241,839)	25.2%
Administrative expenses	(294,974)	(285,694)	3.2%
Other expenses	(261,020)	(225,732)	15.6%
Other income	227,413	224,778	1.2%
Finance cost	(12,321)	(10,248)	20.2%
Profit before taxation	3,467,142	3,201,272	8.3%
Taxation	(950,358)	(854,501)	11.2%
Profit after taxation	2,516,784	2,346,771	7.2%
Earnings per share	272.48	254.08	7.2%

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