Rafhan Maize earns Rs1.9bn in three months

MG News | August 23, 2024 at 09:54 AM GMT+05:00

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August 23, 2024 (MLN): Rafhan Maize Products Limited (PSX: RMPL) earned a profit after tax of Rs1.9 billion [EPS: Rs205.95] in the second quarter of 2024 as it paid a significantly lower tax compared to a year ago

In the same period last year (SPLY), the company made a profit of Rs1.62bn [EPS: Rs175.74], translating to a rise of 17.2%.

Along with the results, the company announced an interim cash dividend of Rs100 per share i.e. 1,000% for the quarter ended June 30, 2024.

This is in addition to the Rs75 i.e. 750% interim cash dividend already paid.

Going by the results, the company's sales inched lower by 0.7% to Rs16.18bn as compared to Rs16.28bn in SPLY.

Moreover, the cost of sales rose 8.0%, worsening the gross profit by 24.2% to Rs3.33bn in Q2 2024.

The gross margins fell to 20.6% as compared to 27.0% in SPLY.

During the period under review, other income contracted by 15.1% to stand at Rs557.71m in Q2 2024 as compared to Rs656.83m in SPLY.

On the expense side, the company's administrative expenses rose 3.6% YoY to Rs350.75m, selling and distribution expenses rose 12.1% YoY to Rs224.68m, and other operating expenses fell 35.6% YoY to Rs209.89m.

The company’s finance cost expanded by 205.2% and stood at Rs160.48m as compared to Rs52.59m in SPLY, mainly due to higher interest rates.

On the tax front, the company paid a significantly lower tax worth Rs1.04bn against the Rs2.52bn paid in the corresponding period of last year, depicting a fall of 58.7%.

Unconsolidated (un-audited) Financial Results for quarter ended June 30, 2024 (Rupees in '000)
	Jun 24	Jun 23	% Change
Sales	16,177,002	16,283,954	-0.66%
Cost of sales	(12,843,764)	(11,889,115)	8.03%
Gross Profit/ (loss)	3,333,238	4,394,839	-24.16%
Administrative Expenses	(350,746)	(338,626)	3.58%
Selling And Distribution Expenses	(224,679)	(200,485)	12.07%
Other Gains / (Losses)	0	9,117	-
Other Income	557,705	656,833	-15.09%
Other Operating Expenses	(209,889)	(326,040)	-35.62%
Finance Cost	(160,483)	(52,586)	205.18%
Profit/ (loss) before taxation	2,942,693	4,143,052	-28.97%
Taxation	(1,040,454)	(2,519,831)	-58.71%
Net profit/ (loss) for the period	1,902,239	1,623,221	17.19%
Basic earnings/ (loss) per share	205.95	175.74	-

Amount in thousand except for EPS

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