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

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