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%.

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%

 

Copyright Mettis Link News

Posted on: 2020-08-24T12:18:00+05:00

36503