Rafhan Maize Products Co. Balance Sheet

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	2015 - 2019
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	2015 - 2019
Cash & Equivalents	2,739	6,336	6,637	887.94	3,776	6,565	Upgrade
Short-Term Investments	5,813	1,969	-	3,380	986.16	2,588	Upgrade
Trading Asset Securities	-	6,596	5,399	-	-	-	Upgrade
Cash & Short-Term Investments	8,552	14,901	12,036	4,268	4,762	9,154	Upgrade
Cash Growth	163.48%	23.81%	181.98%	-10.36%	-47.98%	71.77%	Upgrade
Accounts Receivable	3,458	3,173	2,924	2,874	2,022	1,552	Upgrade
Other Receivables	55.8	52.16	106.97	28.47	39.34	20.92	Upgrade
Receivables	3,669	3,252	3,067	2,924	2,074	1,586	Upgrade
Inventory	28,843	22,960	26,343	17,944	10,422	5,252	Upgrade
Prepaid Expenses	570.32	300.94	383.17	72.71	139.54	158.41	Upgrade
Other Current Assets	-	120.87	92.21	204.43	56.09	24.31	Upgrade
Total Current Assets	41,634	41,535	41,921	25,413	17,454	16,175	Upgrade
Property, Plant & Equipment	10,232	9,891	8,718	6,849	6,503	6,468	Upgrade
Other Long-Term Assets	76.68	449.07	647.49	449.28	134.89	195.08	Upgrade
Total Assets	51,945	51,878	51,288	32,719	24,097	22,845	Upgrade
Accounts Payable	9,325	6,850	11,461	2,523	1,255	1,052	Upgrade
Accrued Expenses	-	3,851	4,356	3,669	2,413	1,915	Upgrade
Short-Term Debt	9,726	8,073	6,124	2,058	756.23	-	Upgrade
Current Portion of Long-Term Debt	37.21	85.71	44.37	11.93	119.81	127.83	Upgrade
Current Portion of Leases	8.26	9.03	5.11	5.12	5.99	-	Upgrade
Current Income Taxes Payable	830.25	769.59	620.47	287.84	121.14	236.75	Upgrade
Current Unearned Revenue	923.65	1,597	681.23	693.45	682.45	534.18	Upgrade
Other Current Liabilities	636.38	1,725	3,117	3,342	2,005	1,872	Upgrade
Total Current Liabilities	21,487	22,961	26,409	12,590	7,359	5,738	Upgrade
Long-Term Debt	126.33	400.29	341.22	69.35	-	106.04	Upgrade
Long-Term Leases	-	4.22	10.87	-	5.09	-	Upgrade
Long-Term Unearned Revenue	71.06	83.3	94.75	43.23	-	5.39	Upgrade
Long-Term Deferred Tax Liabilities	1,261	1,532	1,395	979.86	853.28	864.64	Upgrade
Total Liabilities	22,945	24,981	28,251	13,683	8,217	6,714	Upgrade
Common Stock	92.36	92.36	92.36	92.36	92.36	92.36	Upgrade
Additional Paid-In Capital	36.95	36.95	36.95	36.95	36.95	36.95	Upgrade
Retained Earnings	28,870	26,767	22,907	18,906	15,750	16,001	Upgrade
Comprehensive Income & Other	0.94	0.94	0.94	0.94	0.94	0.94	Upgrade
Shareholders' Equity	29,000	26,897	23,037	19,036	15,880	16,131	Upgrade
Total Liabilities & Equity	51,945	51,878	51,288	32,719	24,097	22,845	Upgrade
Total Debt	9,898	8,572	6,525	2,145	887.12	233.87	Upgrade
Net Cash (Debt)	-1,346	6,329	5,510	2,124	3,875	8,920	Upgrade
Net Cash Growth	-	14.85%	159.48%	-45.19%	-56.56%	67.54%	Upgrade
Net Cash Per Share	-145.72	685.20	596.60	229.92	419.51	965.74	Upgrade
Filing Date Shares Outstanding	9.24	9.24	9.24	9.24	9.24	9.24	Upgrade
Total Common Shares Outstanding	9.24	9.24	9.24	9.24	9.24	9.24	Upgrade
Working Capital	20,148	18,574	15,512	12,823	10,095	10,437	Upgrade
Book Value Per Share	3139.68	2912.08	2494.14	2060.95	1719.27	1746.45	Upgrade
Tangible Book Value	29,000	26,897	23,037	19,036	15,880	16,131	Upgrade
Tangible Book Value Per Share	3139.68	2912.08	2494.14	2060.95	1719.27	1746.45	Upgrade
Land	-	386.72	386.72	386.72	386.72	386.72	Upgrade
Buildings	-	3,123	2,954	2,710	2,706	2,678	Upgrade
Machinery	-	12,011	11,046	9,399	9,244	8,787	Upgrade
Construction In Progress	-	1,938	1,226	731.66	202.71	203.68	Upgrade

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