Rafhan Maize Products Co. Income Statement

Financials in millions PKR. Fiscal year is January - December.

Millions PKR. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	73,363	69,923	65,467	58,756	42,610
Revenue Growth (YoY)	4.92%	6.81%	11.42%	37.89%	18.78%
Cost of Revenue	59,552	55,293	51,476	46,925	32,292
Gross Profit	13,811	14,629	13,991	11,831	10,318
Selling, General & Admin	2,907	2,432	2,179	1,675	1,293
Other Operating Expenses	-608.49	556.93	519.83	567.7	524.78
Operating Expenses	2,298	2,987	2,701	2,240	1,817
Operating Income	11,512	11,642	11,290	9,591	8,501
Interest Expense	-812.39	-687.62	-447.46	-165.18	-15.35
Interest & Investment Income	-	1,010	1,189	463.86	471.22
Currency Exchange Gain (Loss)	-	41.61	-38.13	57.06	0.4
Other Non Operating Income (Expenses)	-	-85.87	-54.34	-40.8	-30.65
EBT Excluding Unusual Items	10,700	11,920	11,939	9,905	8,927
Gain (Loss) on Sale of Investments	-	89.85	-	-	-
Gain (Loss) on Sale of Assets	-	34.44	60.98	16.1	14.2
Pretax Income	10,700	12,044	12,000	9,922	8,941
Income Tax Expense	4,165	4,569	5,088	3,742	2,683
Net Income	6,535	7,475	6,913	6,179	6,257
Net Income to Common	6,535	7,475	6,913	6,179	6,257
Net Income Growth	-12.58%	8.13%	11.87%	-1.25%	2.68%
Shares Outstanding (Basic)	9	9	9	9	9
Shares Outstanding (Diluted)	9	9	9	9	9
EPS (Basic)	707.51	809.31	748.43	669.02	677.46
EPS (Diluted)	707.51	809.31	748.43	669.02	677.46
EPS Growth	-12.58%	8.13%	11.87%	-1.25%	2.68%
Free Cash Flow	1,730	6,347	6,210	-113.21	980.58
Free Cash Flow Per Share	187.29	687.14	672.34	-12.26	106.16
Dividend Per Share	480.000	375.000	350.000	275.000	600.000
Dividend Growth	28.00%	7.14%	27.27%	-54.17%	9.09%
Gross Margin	18.82%	20.92%	21.37%	20.14%	24.21%
Operating Margin	15.69%	16.65%	17.24%	16.32%	19.95%
Profit Margin	8.91%	10.69%	10.56%	10.52%	14.69%
Free Cash Flow Margin	2.36%	9.08%	9.49%	-0.19%	2.30%
EBITDA	12,243	12,347	11,862	10,104	8,988
EBITDA Margin	16.69%	17.66%	18.12%	17.20%	21.09%
D&A For EBITDA	730.54	704.7	572.37	513.73	487.02
EBIT	11,512	11,642	11,290	9,591	8,501
EBIT Margin	15.69%	16.65%	17.24%	16.32%	19.95%
Effective Tax Rate	38.93%	37.94%	42.39%	37.72%	30.01%
Advertising Expenses	-	1.25	1.71	0.44	1.28

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.