Rafhan Maize Products Company Limited reported earnings per share PKR 809.31 in CY24, up 8% from PKR 748.43 in CY23. This translates into profit after tax of PKR 7.48 Bn in CY24 compared to PKR 6.9 Bn in CY23. The company achieved net sales of PKR 69.9 Bn in CY24, up 7% from PKR 65.5 Bn in CY23.
Gross margin remained stable at 21%. The company is currently in the process of expanding its capacities. It is working on a 200 TPD corn grind expansion and 100 TPD liquid glucose plant. It expects these projects to be commissioned in the start of CY26. With regards to the offers to buy Ingredion’s stake the management apprised that all information that is available to them has been posted to the exchange and any future developments will also be treated the same.
Moving forward, the management is confident they will be able to maintain gross margins as well as volumes. It expects that once the expansions come online, they will contribute to the profitability of the company
Important Disclosures
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