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

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%.

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