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 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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
Cash & Equivalents	4,594	4,138	6,336	6,637	887.94	3,776
Short-Term Investments	6,930	8,397	1,969	-	3,380	986.16
Trading Asset Securities	-	-	6,596	5,399	-	-
Cash & Short-Term Investments	11,525	12,535	14,901	12,036	4,268	4,762
Cash Growth	-7.70%	-15.88%	23.81%	181.98%	-10.36%	-47.98%
Accounts Receivable	4,497	3,355	3,173	2,924	2,874	2,022
Other Receivables	53.52	34.89	52.16	106.97	28.47	39.34
Receivables	4,736	3,428	3,252	3,067	2,924	2,074
Inventory	21,839	30,917	22,960	26,343	17,944	10,422
Prepaid Expenses	220.78	424.34	300.94	383.17	72.71	139.54
Other Current Assets	-	164.19	120.87	92.21	204.43	56.09
Total Current Assets	38,321	47,469	41,535	41,921	25,413	17,454
Property, Plant & Equipment	12,101	11,578	9,891	8,718	6,849	6,503
Other Long-Term Assets	40.53	124.92	449.07	647.49	449.28	134.89
Total Assets	50,463	59,174	51,878	51,288	32,719	24,097
Accounts Payable	10,012	11,712	6,850	11,461	2,523	1,255
Accrued Expenses	-	4,016	3,851	4,356	3,669	2,413
Short-Term Debt	5,103	8,325	8,073	6,124	2,058	756.23
Current Portion of Long-Term Debt	76.54	84.31	85.71	44.37	11.93	119.81
Current Portion of Leases	2.17	4.22	9.03	5.11	5.12	5.99
Current Income Taxes Payable	711.91	1,040	769.59	620.47	287.84	121.14
Current Unearned Revenue	1,368	955.68	1,597	681.23	693.45	682.45
Other Current Liabilities	38.13	1,948	1,725	3,117	3,342	2,005
Total Current Liabilities	17,312	28,085	22,961	26,409	12,590	7,359
Long-Term Debt	288.39	282.69	400.29	341.22	69.35	-
Long-Term Leases	-	-	4.22	10.87	-	5.09
Long-Term Unearned Revenue	60.87	66.52	83.3	94.75	43.23	-
Pension & Post-Retirement Benefits	362.42	349.12	-	-	-	-
Long-Term Deferred Tax Liabilities	1,241	1,225	1,532	1,395	979.86	853.28
Total Liabilities	19,264	30,008	24,981	28,251	13,683	8,217
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	31,069	29,036	26,767	22,907	18,906	15,750
Comprehensive Income & Other	0.94	0.94	0.94	0.94	0.94	0.94
Shareholders' Equity	31,199	29,166	26,897	23,037	19,036	15,880
Total Liabilities & Equity	50,463	59,174	51,878	51,288	32,719	24,097
Total Debt	5,470	8,696	8,572	6,525	2,145	887.12
Net Cash (Debt)	6,054	3,839	6,329	5,510	2,124	3,875
Net Cash Growth	44.31%	-39.34%	14.85%	159.48%	-45.19%	-56.56%
Net Cash Per Share	655.49	415.65	685.20	596.60	229.92	419.51
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	21,009	19,384	18,574	15,512	12,823	10,095
Book Value Per Share	3377.74	3157.70	2912.08	2494.14	2060.95	1719.27
Tangible Book Value	31,199	29,166	26,897	23,037	19,036	15,880
Tangible Book Value Per Share	3377.74	3157.70	2912.08	2494.14	2060.95	1719.27
Land	-	386.72	386.72	386.72	386.72	386.72
Buildings	-	3,298	3,123	2,954	2,710	2,706
Machinery	-	13,954	12,011	11,046	9,399	9,244
Construction In Progress	-	2,194	1,938	1,226	731.66	202.71

Source: S&P Global Market Intelligence. Standard template. Financial Sources.