August 18, 2023 (MLN): Rafhan Maize Products Limited (PSX: RMPL) 's profitability rose by 29.83% YoY, clocking in its profit after tax at Rs4.22bn [EPS: Rs456.47] in the first half of 2023, compared to a profit of Rs3.25bn [EPS: Rs351.6] in the same period last year (SPLY).
Along with the results, the company also announced an Interim cash dividend for the half year and quarter ended June 30, 2023, at Rs75 per share i.e. 750%.
This dividend is in addition to the first Interim Dividend already paid at Rs75 per share i.e. 750%.
Going by the results made available by the company to the local bourse, the company's top line grew by 28.48% YoY to Rs33.89bn as compared to Rs26.38bn in SPLY.
The cost of sales also rose by 21.96% YoY but was lesser than proportionate to the sales increase, which improved the gross profit by 51.47% YoY to Rs8.82bn in 1HCY23.
Additionally, during the review period, other income skyrocketed by 71.05% YoY to stand at Rs904.3 million in 1HCY23 as compared to Rs528.67m in SPLY.
On the expense side, the company observed an increase in distribution expenses by 26.15% YoY and other expenses by 63.01% YoY to clock in at Rs664.38m and Rs623.57m respectively during the review period.
Moreover, the company’s finance costs surged by 3.97x YoY and stood at Rs125.68m as compared to Rs31.63m in 1HCY23, mainly due to higher interest rates.
On the tax front, the company paid a higher tax worth Rs3.7bn against the Rs1.93bn paid in the corresponding period of last year, depicting an increase of 91.79% YoY.
| Unconsolidated (un-audited) Financial Results for half-year ended 30 June 2023 (Rupees in '000) | |||
|---|---|---|---|
| June 23 | June 22 | % Change | |
| Sales | 33,891,674 | 26,379,756 | 28.48% |
| Cost of sales | (25,073,619) | (20,558,243) | 21.96% |
| Gross Profit | 8,818,055 | 5,821,513 | 51.47% |
| Distribution expenses | (394,173) | (312,473) | 26.15% |
| Administrative expenses | (664,378) | (450,819) | 47.37% |
| Impairment (Ioss)/Reversal on financial assets | (499) | 2,869 | -% |
| Other Income | 904,300 | 528,672 | 71.05% |
| Other expenses | (623,574) | (382,549) | 63.01% |
| Finance cost | (125,683) | (31,633) | 297.32% |
| Profit before taxation | 7,914,048 | 5,175,580 | 52.91% |
| Taxation | (3,697,869) | (1,928,093) | 91.79% |
| Net profit for the period | 4,216,179 | 3,247,487 | 29.83% |
| Basic and diluted earnings/ (loss) per share | 456.47 | 351.6 | – |
Amount in thousand except for EPS
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Posted on: 2023-08-18T09:59:51+05:00
