Rafhan Maize harvests 37.7% profit surge in Q32024

MG News | October 25, 2024 at 10:08 AM GMT+05:00

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October 25, 2024 (MLN): Rafhan Maize Products Limited (PSX: RMPL) earned a profit after tax of Rs1.85 billion [EPS: Rs200.78], witnessing a surge of 37.74% YoY as compared to the profit of Rs1.34bn [EPS: Rs145.77] in the same period last year (SPLY).

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

This is in addition to the two interim dividends already paid Rs75 and Rs100 per cash.

Going by the results, the company's sales inched up by 7.83% YoY to Rs16.69bn as compared to Rs15.47bn in SPLY.

Moreover, the cost of sales rose only by 2.2%, improving the gross profit by 7.83% to Rs16.68bn in Q3 2024.

During the period under review, other income contracted by 27.72% to stand at Rs175.9m in Q3 2024 as compared to Rs243m in SPLY.

On the expense side, the company's administrative expenses rose 3.56% YoY to Rs389m, selling and distribution expenses dropped by 11.42% YoY to Rs189m, and other operating expenses jumped by 32.35% YoY to Rs218.7m.

The company’s finance cost expanded by 40% and stood at Rs187.93m compared to Rs224.4m in SPLY.

On the tax front, the company paid Rs1.17bn, compared to Rs812.9m paid in the corresponding period last year.

Financial Results for the quarter ended September 30, 2024 ('000 Rupees)
	Sep-24	Sep-23	% Change
Sales - net	16,689,790	15,477,672	7.83%
Cost of sales	(12,859,913)	(12,582,662)	2.20%
Gross profit	16,689,790	15,477,672	7.83%
Distribution expenses	-189033	-213412	-11.42%
Administrative expenses	-389165	-375770	3.56%
Other income	175916	243381	-27.72%
Other Expenses	-218791	-165315	32.35%
Impairment gain/(loss) on financial assets	2,636	-124	-
Operating profit	3,211,440	2,383,770	-16.25%
Finance cost	(187,936)	(224,405)	40.02%
Profit before taxation	3,023,504	2,159,365	43.79%
Taxation	(1,168,985)	(812,990)	37.74%
Profit after taxation	1,854,519	1,346,375	37.74%
Earnings per share - basic and diluted (Rupees)	200.78	145.77

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