Rafhan Maize earns Rs1.9bn in three months
Rafhan Maize Products Limited (PSX: RMPL) reported a profit after tax of Rs1.9 billion for Q2 2024, up 17.2% from Rs1.62 billion in the same period last year. The company announced an interim cash dividend of Rs100 per share, in addition to Rs75 already paid. Sales decreased by 0.7% to Rs16.18 billion, while cost of sales rose 8.0%, leading to a 24.2% drop in gross profit. Administrative and selling expenses increased, but the company benefitted from significantly lower taxes, down 58.7%.
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
Source Link : https://mettisglobal.news/rafhan-maize-earns-rs1-9bn-in-three-months/
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