Rafhan Maize Products Co. Income Statement

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

Millions PKR. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Revenue	75,049	69,923	65,467	58,756	42,610	35,873
Revenue Growth (YoY)	13.00%	6.81%	11.42%	37.89%	18.78%	1.74%
Cost of Revenue	60,544	55,293	51,476	46,925	32,292	26,091
Gross Profit	14,505	14,629	13,991	11,831	10,318	9,782
Selling, General & Admin	2,738	2,432	2,179	1,675	1,293	1,133
Other Operating Expenses	228.71	556.93	519.83	567.7	524.78	521.84
Operating Expenses	2,965	2,987	2,701	2,240	1,817	1,713
Operating Income	11,540	11,642	11,290	9,591	8,501	8,069
Interest Expense	-767.71	-687.62	-447.46	-165.18	-15.35	-10.1
Interest & Investment Income	728.06	1,010	1,189	463.86	471.22	445.02
Currency Exchange Gain (Loss)	12.3	41.61	-38.13	57.06	0.4	-11.67
Other Non Operating Income (Expenses)	-85.87	-85.87	-54.34	-40.8	-30.65	-24.6
EBT Excluding Unusual Items	11,427	11,920	11,939	9,905	8,927	8,468
Gain (Loss) on Sale of Investments	89.85	89.85	-	-	-	-
Gain (Loss) on Sale of Assets	52.3	34.44	60.98	16.1	14.2	5.34
Pretax Income	11,569	12,044	12,000	9,922	8,941	8,473
Income Tax Expense	4,569	4,569	5,088	3,742	2,683	2,379
Net Income	7,000	7,475	6,913	6,179	6,257	6,094
Net Income to Common	7,000	7,475	6,913	6,179	6,257	6,094
Net Income Growth	1.22%	8.13%	11.87%	-1.25%	2.68%	11.95%
Shares Outstanding (Basic)	9	9	9	9	9	9
Shares Outstanding (Diluted)	9	9	9	9	9	9
EPS (Basic)	757.85	809.31	748.43	669.02	677.46	659.80
EPS (Diluted)	757.85	809.31	748.43	669.02	677.46	659.80
EPS Growth	1.22%	8.13%	11.87%	-1.25%	2.68%	11.95%
Free Cash Flow	3,287	6,347	6,210	-113.21	980.58	6,869
Free Cash Flow Per Share	355.86	687.14	672.34	-12.26	106.16	743.66
Dividend Per Share	430.000	375.000	350.000	275.000	600.000	550.000
Dividend Growth	14.67%	7.14%	27.27%	-54.17%	9.09%	10.00%
Gross Margin	19.33%	20.92%	21.37%	20.14%	24.21%	27.27%
Operating Margin	15.38%	16.65%	17.24%	16.32%	19.95%	22.49%
Profit Margin	9.33%	10.69%	10.56%	10.52%	14.69%	16.99%
Free Cash Flow Margin	4.38%	9.08%	9.49%	-0.19%	2.30%	19.15%
EBITDA	12,255	12,347	11,862	10,104	8,988	8,555
EBITDA Margin	16.33%	17.66%	18.12%	17.20%	21.09%	23.85%
D&A For EBITDA	714.53	704.7	572.37	513.73	487.02	485.7
EBIT	11,540	11,642	11,290	9,591	8,501	8,069
EBIT Margin	15.38%	16.65%	17.24%	16.32%	19.95%	22.49%
Effective Tax Rate	39.49%	37.94%	42.39%	37.72%	30.01%	28.07%
Advertising Expenses	-	1.25	1.71	0.44	1.28	1.08

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.