Rafhan Maize Products Co. Cash Flow 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
Net Income	6,535	7,475	6,913	6,179	6,257
Depreciation & Amortization	-	720.95	578.3	519.57	492.86
Loss (Gain) From Sale of Assets	-	-34.44	-60.98	-16.1	-14.2
Loss (Gain) From Sale of Investments	-	-1.62	1.97	-2.4	-0.17
Other Operating Activities	-2,205	823.5	78.07	85.95	-526.27
Change in Accounts Receivable	-	-247.09	-51.95	-850.07	-469.81
Change in Inventory	-	3,350	-8,358	-7,681	-5,185
Change in Accounts Payable	-	-4,859	9,843	2,608	827.92
Change in Unearned Revenue	-	913.49	-19.59	7.54	149.89
Change in Other Net Operating Assets	-	121.64	-282.56	-82.72	-35.59
Operating Cash Flow	4,329	8,262	8,641	768.55	1,497
Operating Cash Flow Growth	-47.60%	-4.38%	1024.29%	-48.66%	-79.26%
Capital Expenditures	-2,600	-1,915	-2,431	-881.76	-516.4
Sale of Property, Plant & Equipment	111.6	67.88	71.45	32.27	19.22
Investment in Securities	6,304	-1,198	-5,399	-	-
Other Investing Activities	749.85	292.34	999.2	465.76	474.06
Investing Cash Flow	4,567	-2,755	-6,749	-385.42	-20.43
Short-Term Debt Issued	2,873	200	-	-	-
Long-Term Debt Issued	211.88	154.99	363.01	132.67	-
Total Debt Issued	3,085	354.99	363.01	132.67	-
Long-Term Debt Repaid	-345.26	-90.92	-10.62	-128.79	-128.26
Net Debt Issued (Repaid)	2,739	264.07	352.39	3.88	-128.26
Common Dividends Paid	-3,970	-5,111	-3,393	-2,033	-6,460
Other Financing Activities	-848.48	-704.43	-415.83	-149.66	-36.63
Financing Cash Flow	-2,079	-5,551	-3,456	-2,179	-6,625
Net Cash Flow	6,818	-44.88	-1,565	-1,796	-5,148
Free Cash Flow	1,730	6,347	6,210	-113.21	980.58
Free Cash Flow Growth	-72.74%	2.20%	-	-	-85.72%
Free Cash Flow Margin	2.36%	9.08%	9.49%	-0.19%	2.30%
Free Cash Flow Per Share	187.29	687.14	672.34	-12.26	106.16
Cash Interest Paid	848.48	704.43	415.83	149.66	36.63
Cash Income Tax Paid	4,119	4,008	4,262	3,552	2,793
Levered Free Cash Flow	666.26	3,461	5,905	1,114	475.83
Unlevered Free Cash Flow	1,174	3,891	6,185	1,217	485.43
Change in Working Capital	-	-721.54	1,131	-5,998	-4,713

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