Rafhan Maize reports Rs7bn profit for 2024, declares dividend

MG News | February 21, 2025 at 04:08 PM GMT+05:00

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February 21, 2025 (MLN): Rafhan Maize Products Company Limited (PSX: RMPL) has reported a profit after taxation of Rs7 billion for the year ended December 31, 2024, reflecting an 8% increase from Rs6.9bn in 2023.

RMPL has declared a final cash dividend of Rs100 per share (1000%) for the year 2024.

This is in addition to three interim dividends already paid at Rs75, Rs100, and Rs100 per share each, underscoring the company’s commitment to rewarding its shareholders.

The company’s earnings per share (EPS) surged to Rs809.31 from Rs748.43 in the previous year, demonstrating a strong financial performance.

RMPL’s revenue grew by 7% to Rs70bn in 2024, compared to Rs65.5bn in 2023.

The cost of sales rose by 7.4% to Rs55.3bn, resulting in a gross profit of Rs14.6bn, a 4.6% increase from the previous year.

Despite rising distribution and administrative expenses, which increased by 13.6% and 10.5% respectively, RMPL achieved an operating profit of Rs12.8bn, marking a 2.5% increase from 2023.

Finance costs saw a sharp rise of 54% to Rs773.5 million, affecting the profit before taxation, which stood at Rs12bn, reflecting a modest 0.2% increase.

However, lower taxation expenses, which declined by 11%, contributed to the overall rise in net profit.

Statement of profit and loss for the year ended December 31, 2024 (in Rupees '000)	2024	2023	%Change
Revenue	69,922,596	65,466,700	6.81%
Cost of sales	(55,292,529)	(51,475,296)	7.42%
Gross profit	14,630,067	13,991,404	4.56%
Distribution expenses	(922,597)	(812,441)	13.56%
Administrative expenses	(1,510,273)	(1,367,289)	10.46%
Impairment on financial assets	1,621	(1,966)
Other income	1,478,730	1,571,048	-5.88%
Other expenses	(859,664)	(878,618)	-2.16%
Operating profit	12,817,884	12,502,138	2.53%
Finance cost	(773,487)	(501,803)	54.14%
Profit before income tax and final tax	12,044,397	12,000,335	0.37%
Final taxation	(178,318)	(156,855)	13.68%
Profit before income tax	11,866,079	11,843,480	0.19%
Taxation	(4,390,966)	(4,930,702)	-10.95%
Profit after taxation	7,475,113	6,912,778	8.13%
Earnings per share - basic and diluted	809.31	748.43

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