Rafhan Maize Announces Substantial Interim Dividend Following Half-Year Financial Performance

Faisalabad: Rafhan Maize Products Co Ltd has disclosed its financial results for the half-year and quarter ending June 30, 2024. According to information available from the Pakistan Stock Exchange (PSX), the Board of Directors, in their latest meeting, recommended a significant interim cash dividend of Rs. 100 per share, which is an increase following a previously paid dividend of Rs. 75 per share.

For the six months ending on June 30, 2024, Rafhan Maize reported a revenue of Rs. 33.63 billion, slightly lower than the Rs. 33.89 billion recorded in the same period last year. The cost of sales saw an increase, rising from Rs. 25.07 billion in 2023 to Rs. 26.73 billion in 2024, leading to a gross profit of Rs. 6.90 billion, compared to Rs. 8.82 billion a year earlier.

The company’s operational costs, including distribution and administrative expenses, amounted to Rs. 1.19 billion. Despite these expenditures, Rafhan Maize achieved an operating profit of Rs. 6.14 billion, down from Rs. 8.04 billion in the previous year. The finance cost increased significantly to Rs. 355.80 million from Rs. 125.68 million.

The profit before taxation stood at Rs. 5.78 billion, a decrease from Rs. 7.91 billion in 2023. After accounting for taxation, the profit after taxation was reported at Rs. 3.71 billion, down from Rs. 4.22 billion in the prior year. The earnings per share also decreased from Rs. 456.47 to Rs. 401.72.

The company has scheduled the payment of this interim dividend for shareholders registered by September 5, 2024, with the share transfer books remaining closed from September 6 to September 7, 2024.

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